Jan
22
Downtown L.A. Is Starting to Mirror Manhattan’s Glut of Apartments
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Signs of rent weakness emerge as construction approaches peak
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Almost all of the new units are aimed at the high end
Landlords counting on downtown Los Angeles as a cash machine may be in for the same bout of pain as their counterparts in Manhattan, where a flood of supply has started to drive down rents.
More than 4,000 new apartments are forecast to hit the Los Angeles market this quarter, according to CoStar Group Inc., as the first wave of as many as 30,000 in the next three years. Much of the construction is concentrated downtown, where it’s easier to build than in other parts of L.A., and almost all the new apartments will be at the higher end of the market…
