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Demand grows for ultra-luxurious apartments in Los Angeles

In a handful of pricey L.A. neighborhoods, developers are creating ritzy accommodations for a prosperous few who prefer renting to owning.

December 19, 2013|By Roger Vincent

About half of his Burton Way renters have other addresses outside the city or even outside the country, he said, often using their apartments as an alternative to staying in a hotel. Full-time residents include doctors who work at nearby Cedars-Sinai Medical Center, bankers and entertainment executives.

Other categories of tenants in L.A.'s most expensive apartments include empty-nesters who no longer want the responsibility of taking care of a house and people who have homes outside the city who want a pied-a-terre.

Residents in upscale units like the Penthouses at Palazzo also tend to be single, broker Umansky said.

"They might be going through a change in life such as a divorce; making money or losing money, but they want to rent something really nice."

Architectural design and top-notch appointments are crucial, he said, but so are locations in the midst of shopping and entertainment.

"This is all about an urban lifestyle," Umansky said. "You won't see luxury apartments up on Mulholland Drive."

Twitter: @rogervincent

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