Lusk

By Jeff Collins

If the past year is any indication, apartment rents will continue dropping in central and coastal portions of Los Angeles County through the next year, with rent hikes occurring everywhere else in the Southern California, a University of Southern California multifamily forecast said Monday.

For example, the Koreatown-Mid City portions of L.A. will see rent decline 1.2% over the next year, while west Riverside and San Bernardino counties will see rent hikes of 9-10%.

By Andrew Khouri

Millions of Americans unable to pay their rent during the pandemic face a snowballing financial burden that threatens to deplete their savings, ruin their credit and drive them from their homes.

A patchwork of government action is protecting many of the most financially strapped tenants for now. But it could take these renters — especially low-income ones — years to recover, even as the rest of the economy begins to rebound.

By Dees Stribling and Bianca Barragán

Developers, more so than any industry outside government, are responsible for the way the modern world looks.

The biggest development firms in the U.S. between them construct hundreds of millions of square feet of new buildings a year. Millions of Americans live in the apartments they have built, work in the offices they have designed and shop at the retailers they agree to do business with.

By Bianca Barragán

Waterford Property Co. announced that, in partnership with the California Statewide Communities Development Authority, it acquired a 386-unit multifamily property in Anaheim to convert into workforce housing.

Waterford led the acquisition efforts of Parallel Apartments in partnership with CSCDA for $156M.

By Staff Report

The expanded JLL brokerage has moved into a combined office space in Irvine.

Following the acquisition of HFF in summer 2019, the firm has been working on consolidating two offices, one in Irvine and the other in Newport Beach. The firm now is partly working in a 35,000-square-foot office at the Intersect campus at 17877 Von Karman.

By Scott Robinson

Super Bowl confetti was still being swept up at Raymond James Stadium in Tampa when Kathryn Schloessman sent out a quick reminder last week that Los Angeles will play host to the ultimate game next year.

While Tom Brady and his Tampa Bay Buccaneers teammates were celebrating their win, the president and chief executive of the Los Angeles Sports & Entertainment Commission was already focused on the Super Bowl’s return to L.A. after a three-decade absence.

By Greg Cornfield

Most of the nation’s major multifamily markets saw their first upticks in rent in March after months of pandemic-driven slowdowns, but the densest areas of California are still showing declines.

Los Angeles, San Jose and San Francisco continue to struggle after the first quarter of the year, while their suburban counterparts, like the Inland Empire and Sacramento County, are leading the nation in rent growth — indicating continued effects of the labor force ditching major cities for more affordable housing options at unprecedented rates.

By Andrew Khouri

Southern California home prices soared in March, rising by double digits for the eighth straight month as a pandemic-fueled housing boom continues to go strong.

The six-county region’s median home price increased 14.5% from a year earlier to a record $630,000, according to data released Wednesday from real estate firm DQNews. The number of houses, condos and town homes that sold rose 32.2%.

A mix of factors is driving the boom, which extends nationwide, real estate agents and economists say. 

Four years after Los Angeles voters approved Measure JJJ, which mandated a programme that incentivises affordable housing developments near major transit stations, building permits are rising in qualified neighbourhoods. 

By Staff

Building permits surge as voter-approved incentive program increases potential investment returns on affordable housing in eligible LA neighborhoods.

By Observer News