Say what? DTLA landlords are offering free rent

Los Angeles /
Aug.August 04, 2016 12:00 PM

Forget about free lunch — some Downtown Los Angeles landlords are now are giving out lodging for free.

Because of the neighborhood’s influx of new units, landlords are competing to woo tenants with concessions such as a month of free rent or a year of free parking.

At Carmel Partners’ Eighth & Grand apartments for instance, residents can get up to five weeks of free rent and 12 months of free parking, its website advertises. Prospective tenants can also get a month off rent at the newly opened Hanover Olympic apartments on Olive Street and Sares-Reis Group’s 240-unit Wakaba LA in Little Tokyo, the L.A. Times reported.

And it all comes down to supply and demand. Over 3,700 new apartments became available in the past 18 months alone, 6,260 are under construction and thousands more are in the pipeline, according to Transwestern data. Downtown is at risk of becoming oversupplied, as The Real Deal first reported.

“Landlords don’t have the leeway to push rents as they did in the past,” CoStar analyst Steve Basham told the Times.

Developers have been so successful with pushing projects because of DTLA’s high-density zoning accessibility and the pro-development community of existing residents that is a far cry from other development-wary neighborhoods and cities in the county.

Downtown is still young as a residential market. More than 500,000 people visit DTLA on any weekday, but there are currently only 36,000 units and 61,600 residents. [LAT]Cathaleen Chen


Related Articles

arrow_forward_ios
California Market Center (Credit: Brookfield)

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent
Carmel Partners CEO Ron Zeff and Jose Huizar (Credit: Desiree Stone/Getty Images)

“Call me boss”: How Carmel Partners became ensnared in the Jose Huizar corruption case

“Call me boss”: How Carmel Partners became ensnared in the Jose Huizar corruption case
Parker Center in downtown L.A.

City Council handcuffs Parker Center redevelopment

City Council handcuffs Parker Center redevelopment
Chen Siqing, head of Industrial and Commercial Bank of China

China’s largest bank finances long-stalled condo tower project near Staples Center

China’s largest bank finances long-stalled condo tower project near Staples Center
Dean Matsubayashi, executive director at Little Tokyo Service Center and 414 Crocker Street

Nonprofit developer adding to affordable housing portfolio in Little Tokyo area

Nonprofit developer adding to affordable housing portfolio in Little Tokyo area
Brad Korzen, Kor Group CEO

Eye-popping bill at the Proper Hotel: Contractor sues for unpaid steel work

Eye-popping bill at the Proper Hotel: Contractor sues for unpaid steel work
Lorne M. Buchman, president of ArtCenter College

ArtCenter expands into Gilmore Associates’ DTLA building that housed Main Museum

ArtCenter expands into Gilmore Associates’ DTLA building that housed Main Museum
On a roll: Access Industries adds to DTLA haul

On a roll: Access Industries adds to DTLA haul

On a roll: Access Industries adds to DTLA haul
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...