by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
The Los Angeles apartment market has always been characterized by large numbers of projects with low average units per project – lots of properties at smaller sizes than the national average. For purposes of this analysis, I have excluded any property with fewer than 10 units. Even with that qualifier, all 27,898 properties built since 1920 have an average of only 27.6 units each, skewed upwards since 2000. I will return to this in an upcoming chart.
The peak decade for apartment construction in the Los Angeles area was the 1960s when 8,638 properties were built with an average size of 24.4 units per property for delivery of a total of 210,831 units spread across the county.
Map courtesy of Project Atlas
No decade really comes close to this level of activity, and the next couple of decades average around 130k units per year before dropping to levels consistently below 50,000 units. The charts below show the changes in units delivered and average property size by decade.
The image below shows unit concentration by zip code.
Map courtesy of Project Atlas
The darker the zip code, the higher the total number of units. We will focus here on the three zip codes with the most units. First is the West Hollywood area (90046), followed by central L.A. (90020), then by the Hollywood area including Hollywood Blvd. and Sunset Blvd. (90028).
Click Here if you would like to request free access to the interactive version of the map which will allow you to view this information for all 268 zip codes covered.
As shown below, these zip codes are located fairly close to each other.
Data for the top 10 zip codes is as follows:
We can overlay apartment by decade into zip code 90046 (highest total units) as seen below to get an even better idea of the distribution. Click Here if you would like to request free access to the interactive version of the map which will allow you to look into each zip code in more detail. Notation displays units, year built, and most recent appraised value as shown below.
The largest apartments, those with the greatest number of units, are surprisingly close to downtown, just north in the zip code surrounding Dodger Stadium (for zip codes with more than 50 properties). These apartments are also newer, having an average year built of 1980.
Below is an animation showing the changes in geographic concentration of apartment construction between 1970 and 1980. Click here to see a high-resolution animation covering 1920 through 2015.
Contact Project Atlas if you would like free access to interact with this visualization.
Contact me to let me know what market/property type you would like to see highlighted in a future post.
This data was compiled using data available through the Los Angeles County Office of the Assessor. Maps provided courtesy of Project Atlas. Project Atlas comes pre-loaded with historical construction activity and current appraised values for commercial property types in your markets. Click Here for more information on how you can use Project Atlas, or send an email to [email protected].