I’m apt hunting in Koreatown/DTLA this fall/winter and noticing some unusual trends. Our current 2-bedroom has a base rent of $3,200 (we moved here two years ago), but our complex has like six vacant 2 bed units going for around $2,800 i’m downright flabbergasted. A lot of the “luxury” apartments that i was eyeing when i was apt hunting in 2023 were well over 3k now im seeing so many of the similar apts going for like $2.7k-2.8k even some with rent concessions.
It feels like property management companies might be adopting dynamic pricing, and renters seem more cautious about moving due to constant layoffs and uncertainty in the job market. Or maybe there’s just less competition during fall/winter months? idk
Would you say LA is leaning toward a tenant’s market rn? Are others seeing rents lower than expected or units sitting vacant?
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Looking for a 1-2 bd for the first time in 3 years and kinda surprised at this market. Most unit's I've looked at have been on the market for 2+ months unless they are an absolute gem that's competitively priced.
Anyone else experiencing this?
Seems like people can't get those numbers that they dreamed of getting when they bought that house and built that ADU in 2021 and now are a bit stuck. Some refuse to take the "L" and they continue to sit empty
I've seen average ADU and apts go from $3300 to $2500 in a matter of months...and they aren't even worth $2500 so I think they'll continue falling. Seems like we're nearing an actual fair market!