As prices continue to creep up (even if slowly), gas prices remain high, LA traffic continues to be hellish and people return to the office, there's a return back to urban centers.
Why else do the largest concentration of highest paid professionals live in cities like LA, SF, NY and DC?
While the media talks about an exodus out of urban centers, which is also happening, there's never talk about the influx and relocation of those between city centers, as well as those who are opting to reside in multiple cities. If people are leaving in droves, then why isn't there more housing inventory?
The answer, a lot of people are keeping their places in LA, and buying second homes or investment properties out of state, or keeping their high-rent LA place as the investment property and moving to another cheaper state. It makes sense, especially if you have equity in the property.
And why is DTLA a big rental investment area?
- Because of when DTLA was developed and conversions were happening, there is no rent control, for now anyway.
- Rents in the area are high
- High concentration of singles and professionals that make it easy to rent out for landlords
- Ever-increasing public transportation, making it easy for transplants to navigate
- High concentration of walkable neighborhoods and amenities
