New construction rental communities in Los Angeles are having a tough time filling units amid the COID-19 pandemic. According to a new report from commercial real estate database, CoStar, asking rents for such apartments declined by 0.75 percent between March 10th and March 30th, representing a 12 percent loss on an annualized basis.
To reel in renters, property managers across Los Angeles are touting a slew of attractive leasing incentives. In-person showings have been temporarily prohibited by Mayor Eric Garcetti, but if you’re willing to rent a new apartment without touring it IRL, you could reap some major savings. Without further ado, here are six new LA apartment communities that are currently offering leasing incentives.
1. Element WeHo
Developer: Moss & Company
Neighborhood: West Hollywood
Incentive: One month free on select units for a limited time
Situated at the intersection of Crescent Heights and Sunset Boulevard, Element WeHo is a stone’s throw from iconic LA establishments like Chateau Marmont, Laugh Factory and Pink Taco. These spacious, one- and two-bedroom apartments feature open-concept design, hardwood floors, high-end finishes and full-sized LG washers and dryers. Onsite amenities include a fully-equipped gym, package concierge, and an outdoor lounge area with a swimming pool.
2. Eastway
Developer: CIM Group
Neighborhood: Westchester
Incentive: One month free*
Living in Westchester puts you in close reach of LAX, Silicon Beach and Ballona Wetlands Ecological Reserve. Eastway offers modern studio, one-bedroom and two-bedroom apartments and a long list of amenities, including a heated outdoor swimming pool and jacuzzi, fitness center, alfresco club room with a full demonstration kitchen, dog park and more. The current incentives are subject to an approved credit score and apply to new residents only. Additional restrictions and details may apply.*
3. STOA
Developer: Equity Residential
Neighborhood: Little Tokyo
Incentive: Half off security deposit on studios and one-bedrooms
If the thought of renting an apartment sight-unseen puts you on edge, you’ll be glad to know that Equity Residential offers a 30-day total satisfaction guarantee. STOA is a stylishly-appointed residence in the heart of Little Tokyo with available studio and one-bedroom apartments. Priced from $1,905 per month, these spacious units come complete with stainless steel appliances, in-home washers and dryers, smart home technology and more. STOA is steps away from Los Angeles’ Historic Core, home to attractions like the Bradbury Building, Grand Central Market, The Last Bookstore and Regent Theater.
4. The Rhys
Developer: Canfield Development
Neighborhood: Koreatown
Incentive: One month free on select units for a limited time
The Rhys features a collection of studio, one-bedroom and two-bedroom apartments characterized by walk-in closets, stainless steel appliances (including gas ranges), premium quartz countertops, plank hardwood-style flooring and contemporary roller shades. Enjoy onsite amenities such as the outdoor lounge with barbecues, comfortable seating, fire pits and cabanas or the entertainment suite with a media center, billiards table and ample seating areas. Vibrant 6th Street is only a block away, lined with coffee shops, Korean barbecue restaurants and late-night karaoke bars.
5. Avila
Developers: Ivanhoe Cambridge and Greystar
Neighborhood: Pasadena
Incentive: Up to six weeks free plus $1,000 when you virtually tour and move-in by 5/15/2020
This classic-Spanish-meets-modern-Mediterranean residence is offering virtual tours of its studio, one-bedroom and two-bedroom apartments. Prospective lessees can even explore the community’s state-of-the-art amenities from the comfort of home, like the trendy barcade or customized co-working space. Priced from $2,493 per month, the units are bright and airy with designer-selected interior finishes. Avila is steps away from Old Pasadena, featuring nearly endless entertainment, shopping and dining options.
6. The Linden
Developer: Sares-Regis Group
Neighborhood: Long Beach
Incentive: Six weeks free, limited units available
The Linden is now offering virtual and personalized FaceTime tours for prospective residents. Situated in Long Beach’s East Village Arts District, this design-forward community offers one- and two-bedroom apartments with private balconies. The onsite amenities are top-notch — expect a professional fitness center, sixth-floor rooftop deck and a bicycle storage room with a gear wall. The building boasts a Walk Score of 97 and the beach is only a seven-minute bike ride away.
