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February 2018


Neil Shekhter on Downtown Los Angeles’ Apartment Problem


By NMS Properties, Inc.

LOS ANGELES, CA / ACCESSWIRE / February 25, 2018 / There are many landlords who find great comfort in glittering downtown Los Angeles, California. They consider it to be a great source of wherewithal. Landlords who work all the way across the nation in Manhattan in New York, however, have unfortunate news for them. Landlords in Manhattan have realized that excessive supplies have begun to reduce rents.

40,000 plus brand new apartments are expected to become available in Los Angeles during this quarter. All of this building is particularly packed in the city’s downtown. Downtown construction tends to be simpler than in most other Los Angeles sections. The majority of these upcoming apartments are going to be on the pricier side.

Alexander Shekhter works for a company called WNMS Communities He indicates that multifamily building in the city hasn’t been this busy since the beginning of the nineties. He predicts that the city is on the verge of getting to the climax of it all as well.

Downtown Los Angeles rental prices are higher than most in Los Angeles County. Santa Monica and Beverly Hills, however, have higher rents. Excessive supplies, though, are leading to issues with concessions and expansion. Some places are even giving potential renters incentives in the form of six full weeks without rent. Downtown Los Angeles asking prices didn’t budge at all in 2017. Effective rent, on the other hand, dropped by 1.4 percent. This takes concessions into consideration, too. These statistics are not unlike those that delve into the real estate scene in Manhattan. Median rent in Manhattan just the month before dropped by a surprising 2.7 percent in comparison to the prior year. The demand simply didn’t accommodate the available supply.

Rent prices in Los Angeles in general have been increasing. Los Angeles is a metropolis that’s home to residents that are comparatively young. It’s also a city that’s home to pretty pricey residence price tags. It’s critical to note, too, that over fifty percent of the households in the metropolis rent. Home ownership just isn’t as common in the City That Never Sleeps as it is in many other towns and cities located all around the United States. Los Angeles, though, is in no way, shape or form alone in this situation. Sky-high construction expenses are actually taking over many of the largest cities in all of California. These sizable cities tend to lack sufficient accessible land for construction work. They tend to have significant rules, limitations and guidelines that pertain to development in particularly crowded and cramped areas as well. These factors all frequently lead to one simple and oftentimes troubling outcome. The bulk of construction work that’s taking place at the moment is geared toward apartments that are more expensive and luxurious in nature. That introduces the establishment of insufficient units. The majority of people who are interested in renting apartments in Los Angeles simply have nowhere to turn. Apartments that are on offer cost too much for them. The combination of vacant units and prospective renters with nowhere to go is an issue.

From Los Angeles to downtown Santa Monica, NMS offers apartment living in some of the most desirable locations across the Los Angeles area. Your friends will be envious of your Los Angeles apartment complete with upscale amenities and finishes. Some communities offer sophisticated amenities including swimming pools, fitness centers, and concierge services. NMS apartments in Los Angeles feature modern kitchens, walk-in closets, expansive floor plans, stainless steel appliances, deluxe flooring, and private balconies. Choose from studio, one, two, or three-bedroom apartment homes.

Launching NMS Properties in 1988, Neil Shekhter assumed the role of CEO in January 1995. The real estate management company focuses on multi-family and mixed-use properties in the Greater Los Angeles area and in Santa Monica. At present, NMS properties manages more than 70 properties.

Neil Shekhter – Founder and CEO of NMS Properties
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SOURCE: NMS Properties, Inc.

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