Those statistics were backed up last week when USC's Casden Forecast revealed that the Los Angeles apartment market is on track for a strong year, with rents expected to grow an average of 5%. Experts say the uptick is largely attributed to stricter lending standards following the recent shakeup in sub-prime mortgages, meaning potential homebuyers face a larger down payment and will be writing higher monthly checks. In Downtown Los Angeles, the forecast found that people who want to live near their jobs, and the burgeoning cultural and dining scene, will have even more options this year with 2,430 new apartments set to open. And they're filling up: The Central City recorded the county's highest occupancy rate last year with 98.2%, according to the Casden findings. "Downtown is still doing very well and occupancy is doing very well, even though there has been so much building," said Delores Conway, director of the Casden Forecast. "The live, work and play environment really appeals to people as does the central location. The community is starting to become built out."
April 9, 2007