One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Tenants Enjoying a Renter's Market as Landlords Struggle
Photo by Living in Monrovia via Flickr
They tend to be our least favorite people, since we write hefty checks to them every month for our rent, but landlords aren't doing so well these days. Vacancies in commercial buildings are up and rising, say recent reports, and this year looks to be a tough one for landlords looking to lease. "Los Angeles County's office, retail and hotel markets are getting the worst of it, while apartment and industrial landlords are faring somewhat better," explains the Daily Breeze. They have some figures courtesy Hessam Nadji, managing director at Marcus & Millichap Real Estate Investment Services:
The firm projects office vacancies in Los Angeles to climb to about 14percent this year from almost 11percent last year. Rents are expected to decline between 5percent and 7percent this year. In both cases, the projections are a little bit less than the national average.
Building owners are being encouraged not to sell holdings right now, because, frankly, no one is buying.Right now, there are a lot of empty spaces all over, including those available as sub-leases, and apartment space. Residential renters might enjoy having more rental options for lower prices: "Nadji expects apartment rents to drop 3percent to 4percent from where they were last year, while vacancies will approach 6percent, up from 4.5percent last year." That's good news if you're looking to rent; of course, it helps to have a job, which has also become an increasing worry for many Angelenos.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
