Q3 2016 MARKET REPORT
MARKET OVERVIEW
Residential
Metropolis
• The opening of Blossom Plaza added 240 units to
Chinatown.
• Over 6,000 new residential units were proposed in
this quarter alone.
• Asking rent per square foot increased 4.5% to $2.81
since last year.
• More than 1,600 units broke ground, with 853 in
South Park, 450 in Historic Core and 313 in Financial
District.
2,513
Q3 2016
Q3 2015
Apartment Occupancy Rate
91.5%
94.3%
Apartment Asking Rent Per Sq Ft
$2.81
$2.69
Average Effective Rent Per Unit
$2,584
$2,482
89
106
$637
$614
Condo Sales
CONDO UNITS UNDER
CONSTRUCTION
Condo Price Per Square Foot
Source: LA Lofts Realty, CoStar
RESIDENTIAL INVENTORY
RESIDENTIAL UNITS
Market Rate Rental
Condos
Affordable
Total
Since 1999
Current
Inventory
2,426
16,647
19,073
9,284
28,357
14,993
829
4,807
5,636
2,513
8,149
3,808
8,371
3,884
12,255
71
12,326
253
11,626
25,338
36,964
11,868
48,832
19,054
63,208
20,294
83,503
Before 1999
Estimated Population
Estimated Population = #of units x 1.8 residents per unit x 95% occupancy rate
6
Downtown Center Business Improvement District
Under
Construction
Total When
Complete
Proposed