The multiple opening of new fancy apartments in Downtown LA have increased the neighborhood’s vacancy rate to its highest level in 16 years. It’s now 12%, the highest recorded by real estate data firm CoStar since 2000, KPPC reported today.

With the high number of available units, building owners are offering lavish perks, from six months of free rent to one year of free parking to try to lure tenants. The median price of a one-bedroom in DTLA is about $2,500 per month per rental website Zumper.

“The stuff that’s being built right now is really targeting the very top of the renter’s pool,” CoStar senior market analyst Steve Basham told KPCC. “The majority of the renters in L.A. are not going to be able to afford that.”

Source: Downtown LA vacancy rate hits 17-year high – Curbed LA

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