Spotlight on South Park, Los Angeles, CA
Taking the name of a municipal park which opened in 1900, South Park is a small neighborhood measuring 1.41 square miles in South Los Angeles just below Downtown and east of the Interstate 110. Streets defining the borders of the neighborhood are East Slauson Avenue to the south, East Vernon Avenue to the north, and Central Avenue to the east. Historically, the neighborhood has been known for its very high population density, a young demographic with an average age of 23 as of 2008, and the majority of its residents being of Latino descent.
In recent years, however, what is recognized as South Park by name has moved north and become affiliated with developments just east of Interstate 110 and on both sides of Interstate 10. The area is known to include numerous current planned, permitted, or under construction projects near the Los Angeles Convention Center including Grand Hope Lofts, 820 Olive Street, Fig & Pico, and the redevelopment of the Luxe Hotel. All of these projects are towering high-rises that contribute more to the Downtown Los Angeles Skyline than they do to the South Park neighborhood itself.
The featured six multifamily properties in this month’s rent survey, built between 1926 and 1993, are representative of the historic South Park neighborhood. For a studio, residents can expect to pay between $700 and $850 for standard finishes and limited amenities. One-bedroom units range between $900 and $1,100. Two-bedroom units obtain rents from $1,200 to $1,500. It is common practice for electricity and gas to be paid by the residents, while trash and water are the responsibility of the owner. Please note that the apartment communities surveyed herein do not provide an exhaustive rental survey of the whole South Park submarket. Rents for specific properties vary depending on exact location, unit finishes, unit amenities, square footage, and common area amenities, among other variables.