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CALOSING 2021...
BY ELIZABETH REYNOLDS, REYNOLDS REALTY ADVISORS
s the second year of a “new normal” practice, we will carry on.
comes to a close, we want to take a moment and reflect on what we, as a community and an industry, have learned, how we have grown, and what we want to carry forward into the new year.
PASSION: There is no doubt that over the past year, our industry faced very difficult challenges. In addition to the regular difficult parts of the job, we’ve had to navigate eviction moratoriums and changing legislation. And through all these challenges, we’ve all worked with resilient passion. At the end of the
Throughout 2021, we’ve seen our staff, investors, day, passion is what drives us and, here at RRA, clients, and partners face each day with... we are excited to enter a new year with renewed
passion.
And since we are wrapping up the year, let’s take a look at some of the local market insights and opportunities for multifamily and commercial properties. (Numbers and statistics are as of Q3 2021.)
LOS ANGELES
Overall, the LA market has seen a very strong recovery. There has been a steady increase year over year in rental prices. Current prices are above 2020 and even 2019 numbers. As you will see below, the daily asking rate per square foot has increased 6% since the start of the pandemic. This is a strong recovery but lags behind the 11% we saw in previous years.
Another trend we’ve seen continue to develop is the
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CREATIVITY: If we had to choose just one trait that embodied this year, creativity would be a strong contender. We’ve truly seen “if there’s a will, there’s a way” in action throughout the past 18+ months. While we hope there’s significantly less need for creativity in the new year, we are grateful and amazed by the creative ways we’ve seen investors diversify, our property managers attract tenants, and construction adapt to changing needs. We will be channeling this creativity to always better serve our community in the days, weeks, and years to come.
KINDNESS: In multi-family and commercial properties, there is an inherent sense of community– after all your tenants are literally neighbors. But the new ways we have seen communities of all kinds (vendor partners, owners, and tenants) pull together and the kindness they’ve shown is nothing short of inspiring. As the world continues to change in the next year, leading with kindness is a lesson, and a
66 FEBRUARY 2022 - APARTMENT MANAGEMENT MAGAZINE AMM2