February 26, 2016 Comments Off on High Concentration of Millennials Flock to DTLA Views: 1075 California News, Los Angeles

High Concentration of Millennials Flock to DTLA

Downtown Los Angeles’ dramatic population growth has spurred strong housing demand. Over the last five years, Downtown’s population has surged from 39,000 to more than 54,000, and it’s having a significant impact on the residential market.

A new report by JLL’s research team found that millennials’ preference for urban living has benefited DTLA’s housing market, accounting for 34 percent of the population. JLL says that’s one the highest concentrations of millennials in any Los Angeles neighborhood.

The good news is Downtown’s increasing accessibility via public transportation, expanding retail, educational and entertainment base will support strong demand for housing from a broader demographic cohort.

– Existing units: 9,852

– Units under construction: 7,294

– Five-year total unit absorption: +4,089

– Current occupancy: 94.6 percent

Read More at JLL Research

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