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Upscale Neighborhoods Near the Urban Core Begin to Shine in Los Angeles

There was quite a bit more performance momentum in some Los Angeles neighborhoods than in others during the past year, with one of the real stand-out pockets comprised of the higher-end submarkets that are near the urban core, but not truly in downtown.

Leading the way, Hollywood achieved revenue growth just a hair under 8%, and increases were nearly as notable at roughly 5% to 6% in the nearby Mid-Wilshire corridor and in the Burbank, Glendale and Pasadena areas. The Palms/Mar Vista submarket, which also is fairly close to downtown LA and attracts renters somewhat similar to those in Hollywood, the Mid-Wilshire neighborhood, and the Burbank/Glendale/Pasadena cluster, also posted some of the metro’s strongest submarket-level results.

These same neighborhoods look like good prospects to continue to outperform most other spots across metro Los Angeles during 2013. They offer strong lifestyle appeal for those seeking apartments, and none of them will have to deal with much new supply to be delivered specifically in the coming year.

Performance by neighborhood is just one of the topics that will be explored for Los Angeles, Orange County, San Diego, and the Inland Empire at MPF Research’s half-day Southern California Apartment Markets Conference coming up on March 27 in Newport Beach, California.

by Greg Willett from PropertyManagementInsider

Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank