Neil Shekhter of NMS Properties - Over 17,000 Rental Units Will Hit the Market in Los Angeles
March 10, 2018
Los Angeles was always known for not having enough
housing to accommodate its growing population. Fortunately, we are
about to see over 17,000 housing units that are about to be
available for rent this year. This might certainly be good news for
those seeing a new apartment or home for rent in the near
future, Neil Shekhter
However, don't get too excited and expect these new rental units to
remain affordable. According to a report from Marcus &
Millichap, rent will increase in these new units. Along with that,
the number of vacancies would also go up in this region this
According to this commercial brokerage firm, one should expect a
6.3% increase in rent this year. Rental in this region is expected
to go to about $2200 a month. This increase in rental charges is
mainly because of all the luxury units available in the market.
This tends to bump up the rental rates for the neighborhood and
region as a whole.
The Los Angeles Business Journal also stated that the confidence
that people always have with housing in this region can also cause
this continuing rise in rental charges. They trust that even with
the hike in rental prices, there still will be a demand filled in
the Los Angeles region.
The number of vacancies is also expected to go up by 5.2%. This is
mainly due to the huge rise in the number of multifamily units that
are being built in this area.
According to this report, Downtown LA and the Mid-Wilshire
neighborhoods would see a large number of housing units. This study
also mentioned that there will be about 53,000 new workers in LA
this year. That would be an increase of 1.2% from last year.
You can also expect new apartments in Hollywood, Marina Del Rey,
and Glendale in the near future. The number of vacancies, however,
would be lower at a maximum of 4 percent. This is because the rent
in these regions would be lower than other parts of the Los Angeles
county, according to Neil Shekhter, founder, and CEO of Santa
Private investors are also more likely to move over to less common
areas like Glendale or Pasadena, as they expect better yield and
good employment hubs in these areas. Regions like Santa Monica will
carry on and attract institutional investors. The low supply and
high demand in this region, also known as Silicon Beach market,
keep this region constantly competitive and hot. The vacancy rate
in this region usually is under 3 percent, Neil Shekhter notes.
Therefore, while the housing situation in Los Angeles might get
easier, it isn't going to get any more affordable or inexpensive.
However, this could ease the increasing housing demands in Los
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 manage more than 70 properties.
Over the course of 2017, NMS deployed 40 furnished units in Los
Angeles, and Neil
Shekhter plans to triple that number in 2018. The company
currently manages some of its properties while testing a pilot
Neil Shekhter - Founder and CEO of NMS Properties
Apartments For Rent In Los Angeles NMS Residential: http://www.nmsresidential.com
NMS Properties - Real Estate Management Firm: http://www.nmsproperties.com
Contact Information: [email protected]