A rendering of Millennium Hollywood, a 492-unit condominium under construction at 1720 North Vine Street. Inset: AvalonBay Chairman and CEO Timothy Naughton.
From the January Issue: Developers have big Hollywood dreams, and their target audience is millennials. Several multifamily projects are slated to hit the Hollywood market over the next few years as young creative professionals clamor for apartments in the thriving new media hub.
The neighborhood hit 96.2 percent of its residential capacity at the beginning of December, according to Rainmaker Insights, the research partner of apartment search engine Rent Jungle. That’s somewhat tighter than the 95 percent the firm recorded for the City of Los Angeles as a whole.
With very few vacancy signs in Hollywood, rents are climbing — a fact that hasn’t escaped the notice of developers. [More]
