Free rent in Los Angeles? Downtown of all places? No need to keep pinching yourself because it's actually true. Landlords of some of Downtown's new high-end apartment buildings are offering enticing deals to lure renters and compete with the abundance of options in the ever-growing Downtown real estate scene, according to the LA Times.
It should be no shock to anyone who has driven Downtown lately that there is a ton of development—21 current residential projects, to be exact. This boom commenced around five years ago when property values were still relatively low; 2,000 new units were added in 2015, 1,688 added so far this year and 6,260 are presently underway.
So what and where exactly are these unique and unicorn-esque deals popping up in DTLA? The newly opened Hanover Olympic complex on Olive Street is offering free rent for the first month to new residents, as is the Wakaba LA building in Little Tokyo. Another perk being offered is free parking, which might be more enticing than the free month of rent. The apartments at Eighth & Grand, atop the fancy, new Whole Foods, are giving new renters four to five weeks of free rent and up to one year of free parking. In the Arts District, the Garey Building isn't offering any deals on rent but is giving away free parking for the entire length of a lease, which would normally cost $100 a month.
These new projects are further changing the face of DTLA, with giant digital billboards making the area resemble something more like Time Square. The area has long been up-and-coming, with plenty of trendy restaurants and bars.
Alas, all good things must come to an end and it is unknown how long these deals will last. However, given the disparity between job and housing availability, this upsurge of luxury apartments in the area will likely continue. So, if you're in the market to upgrade your humble abode, maybe it's time to consider good ol', or shall I say new, Downtown Los Angeles.