'You almost can't build a project without a dog park now.” Landlords are facing serious competition for tenants who can rent L.A.’s most expensive apartments, and new projects now come loaded with amenities previously unheard of in most buildings.
Competition for tenants who can pay top rents has grown so fierce that landlords are loading up their new buildings with goodies unheard of in years past when a swimming pool and laundry room were considered ample enticements for renters.
To help fill its 648 apartments, Dobbins’ Hankey Investment Co. and its partners splurged on communal spaces such as a wine-tasting bar and a quiet library where shelves are filled with books arranged by the color of their covers. There are yoga and spin cycling classes for residents.
Because few can or want to pay such rents, owners of deluxe buildings turn to ever more swanky amenities to attract well-heeled tenants and keep them renewing their leases, said economist Richard Green, director of the“New luxury stuff is having some trouble leasing up, so they have to compete with one another,” Green said. “Their calculus is that it’s more profitable to compete on amenities than by cutting rents.
With a call to the concierge, residents can have their clothes picked up, dry cleaned and hung in their closets. Each unit has a full-sized washer and dryer. Tenants such as professionals from Providence Saint Joseph Medical Center, people from Warner Bros. studio and empty-nesters pay top-market monthly rents ranging from $3,300 for a one-bedroom to about $6,000 for a three-bedroom unit, he said. A penthouse unit could cost as much as $18,000.
“When tenants pay these higher rents, they wonder what else they are getting besides the view,” Marks said.
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