Spotlight on Venice, Los Angeles, CA
Venice Beach, in terms of economic power, is a sleeping giant. From the outside looking in, the neighborhood is charming and quirky, and its iconic beachfront, vibrant storefronts, and charismatic locals paint an idyllic picture; its position on the precipice of the nation’s third largest tech hub, however, is undeniable. Venice is at the heart of the region now known as “Silicon Beach” acting as a city-wide incubator for aspiring entrepreneurs or cultivating a culture that aligns with some of the largest tech giants including Snapchat, Google, and YouTube, all who have offices in the neighborhood. Aside from the recent tech boom, the local economy is largely driven by retail, including the famous Abbot Kinney Boulevard shopping district. Venice itself has been part of Los Angeles County since 1926 and is bounded on the northwest by Santa Monica, Walgrove Avenue on the east, and Marina Del Rey on the south.
“Venice of America”, as it was originally known, was founded in 1905 by tobacco tycoon Abbot Kinney as a resort beach town. Venice has undergone multiple transformations over its 100-year life. It was once considered the “Coney Island of the Pacific” with the massive canals and amusement park; later it was known as “Slum by the Sea” or “Dog Beach” in the times of neglect; and now at the heart of “Silicon Beach”. With its proximity to the sea, a creative culture, and bustling economic development, Venice continues to see significant population
growth of 11,891 people per square mile, which is one highest in Los Angeles County. Venice represents one of the best opportunities for redevelopment in Los Angeles as 41.3% of units house tenants over 50 years old.
Residents are fairly affluent and highly educated; 49.3% of residents 25 years or older have a four-year college degree, the median household income is $67,647, and 7% of the population earns over $125,000 per year.
The featured properties in this month’s rent comparable survey represent six communities in Venice built between 1906 and 1960, which is a typical vintage given the formation of the city between 1905 and 1910, and a post World War II population increase. The unit mix among buildings in Venice are typically studios and one-bedrooms with one bathroom; two-and three-bedroom units are an exception. Asking rents average approximately $1,300s for studio units and mid-$2,000s for one-bedroom units. Unit sizes in this comp set range from average between 500 to 800 square feet. This type of vintage building and the limited buildable lot size amenities typically include an on-site washer/dryer, appliances, and most include utilities. A building that includes a swimming pool is extraordinarily rare. Application fees are anywhere from $25 to $55 and while pets are allowed in most cases, many communities require substantial pet deposits.