The number of apartments converted nationwide from office buildings reached a record high of 70,700 units and these conversions are also increasingly targeting newer office buildings. The office-to-apartment conversion niche is expanding across California as well, but not exactly where most would expect. While Los Angeles leads this transformation, several smaller cities, including Long Beach and Goleta, are converting more office space into housing than major hubs like San Francisco and San Diego. Here’s a breakdown: Across the state, 16,236 apartments are in the pipeline, with 5,892 units coming from repurposed office buildings. Los Angeles leads the state with 2,923 future apartments coming from office conversions, the highest in California. Long Beach follows with 424 apartments set to be converted from…
Author: Rent Cafe
Eastern Los Angeles has seen the largest year-over-year jump in rental competitiveness, soaring from 25th place to break the top 20 at the start of this rental season to rank ninth. This dramatic rise is primarily due to a sharp increase in lease renewals (from 42.1% one year ago to 52.7% now). Whether you’re adjusting your budget (or expectations) or searching for hidden gems with less competition among renters, our Rental Market Competitiveness Report sheds light on where it’s easier or harder to secure an apartment across the U.S. Other notable California markets include Silicon Valley at #6 and Orange County at #8. What’s making Eastern L.A. rental market so hot this…