The Rise of Apartment Buildings in Koreatown
If you recently just moved to Los Angeles for a job or college, Koreatown is one of the best and most friendly neighborhoods in California. You also might be looking for apartments for rent in Koreatown, well, Koreatown is much more affordable than other areas in Downtown LA, that’s why so many young professionals and college students love to swarm to it every year.
USC and UCLA are both fairly close universities to Koreatown, due to its easy accessibility for students, there are so many Koreatown off campus apartments. Therefore, more developers are entering the real estate markets to meet the rising demand for housing.
Some people are opting to live in Koreatown because of its close neighborhood to public transportation. Koreatown is just two blocks from the Metro Red Line subway with a 15-minute commute to the downtown district. It’s entertainment and culture are also preferred due to the growth of the job market and millennial demographic.
Koreatown has been voted as the hottest place to develop and live in Los Angeles by Curbed LA and the development strategy in 2017 has been parallel to that thinking.
The Rise of Apartment Buildings
Koreatown is geographically located in the heart of LA, bordered on the east by downtown, on the west by Hollywood and Beverly Hills. As a residential community nestled between these diverse neighborhoods, which has long been known as multi-ethnic residents inhabited by residents of different cultural backgrounds, Koreatown has been an affordable and comfortable base for hundreds of thousands of people who work throughout LA.
For the last decade, the Koreatown entertainment and business districts have been the beneficiaries of economic development. Due to its location in the heart of the city and its status as a popular, metropolitan business center, Koreatown has seen unprecedented growth. It includes the real estate market growth and high corporate investment. The trend of the decade has led to the rise of apartments for rent in Koreatown.
There’s a wide selection of homes available in Koreatown, including residential high-rises, duplexes, luxury apartment complexes, and single-family homes. Due to Koreatown’s high demand, most residents choose to rent their homes, but home purchases are becoming more common. Although home prices in this neighborhood have been gradually climbing by the day, its median home price (which hovers in the mid-$600s) is still significantly lower than nearby neighborhoods
With nearly 60 projects under construction in Koreatown, it is the hub of the city’s future vision. Apartments, retail, and mixed-use projects are all underway to deliver a new-look Los Angeles in the years to come. With LA’s downtown expanding, and more and more people flocking to the city for its world-class amenities, it is clear how bright the future is for this city’s real estate market.
However, these affordable prices on apartment for rent Koreatown might soon be changing, especially as new developments make their way into the community. According to Curbed LA, there are currently 52 development projects in the works for the neighborhood, which means the residential landscape could change within the next few years.
Quality of life is subjective and can depend on a variety of things. While some of you may home buyers might want a walkable city that offers ample things to do closer to where they live, others might prefer the suburbs with their tranquil streets, peace and quiet, and proximity to open spaces and nature. For some, the idea of being car-dependent is unacceptable, while for others, a reasonable drive time to their favorite weekend hangout is a dream come true.
For households with kids, accessibility to nearby parks, playgrounds, daycare centers as well as highly-rated preschools is key. There are a few parks and playgrounds in Koreatown. These playgrounds provide great recreational facilities for kids, as well as adults. Families can enjoy a nice picnic under the shade in the summer months, or walk along the trail for a weekend activity with the kids.
Moving To Koreatown
If you are looking for a place to live that’s close to Downtown LA but with easily half of that area’s rents, Koreatown would be a good choice. Apartments for rent in Koreatown tend to be less expensive than in neighboring Los Feliz or East Hollywood, with plenty of options from stylish condos to cozy studios, cool rehabs, 1 bedrooms or 2 bedrooms to suit your style and budget.
As the resident is very well-placed, has a variety of amenities, has ample parking with a number of paid parking garages if you run out of street parking at night, and has excellent public transportation links, including multiple bus routes, three metro stations and, especially for LA, the best walking experience outside of Downtown. There are also many dining options and things to do at night.