AgentMarkets & Economy

Downtown Los Angeles plagued by highest vacancy rates in 17 years

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Some luxurious apartment buildings in the part of Los Angeles known to locals as "DTLA" might feel more ghost town than downtown right now. The current vacancy rate in Downtown Los Angeles is 12 percent -- three times higher than the 4 percent recorded for every other area in Los Angeles, and a higher rate than DTLA's seen since 2000. While low inventory and high levels of rental construction activity have fueled rental markets in other parts of the city, renters simply aren't shelling out (or can't afford) to live in DTLA's slew of new luxury high rises.   As luxury apartments continue popping up, the price ceiling steadily rises. According to rental site Zumper, the median one-bedroom rent in DTLA stands at $2,550. Rental prices have already surpassed those of Bel-Air. Market-rate rental construction has caused supply to far outpace demand; of the 21,000-plus market-rate rentals in DTLA, about 2,000 remain vacant, KPCC local news reported. In an effort to f...