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How much higher can they go? Asking rents top $6,700 a month in new Echo Park apartment building

ECHO PARK — The most dramatic symbol of change on the south side of Echo Park is nearly complete, a wedged-shaped apartment building painted in blocks of white, grey and Kermit green. Known as 333B, the 69-unit building  — with rooftop spa and floor-to-ceiling windows — rises four stories above the junction of Temple Street and Union and Belmont Avenues. But what might be more dramatic than the size and colors of 333B is the asking rent for the priciest unit: $6,705 a month.

That kind of rent would get you a two-level apartment with three bedrooms and 2 baths spread over more than 1,400 square-feet of space, according the 333B website.  Of course, there are small and less expensive units. But even the smallest apartment, a studio with about 434-square-feet of space, goes for more than $2,000 a month.

The Eastsider contacted the leasing reps at 333B for more details but received no reply.

The asking rents at 333B set a new high for Echo Park south of the 101, which had long been the lower-priced alternative to the higher prices traditionally found north of the freeway.

333B is one of several new apartment buildings that recently been built or are under construction along Temple Street.  A short walk to the east, the 49-unit Echo apartments opened in 2015 with 2-bedroom units going for nearly $3,000 a month. Meanwhile, a few blocks west, the 200-unit Alexan South Echo is underway  near another 49-unit project that is under construction.

Screenshot 2015-12-10 at 3.10.51 PM

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37 comments

  1. Sure, busy junction, by the freeway, semi-shady neighborhood. Makes perfect sense. If you’re a certified 5150 fruit and nut.

  2. $6000 by the freeway?! Does the apartment come with a gas mask to block all those hazardous fine particulate matter you’ll be breathing in?

  3. Talk about value! The wifi in the common areas is worth an extra $1000 a month right there.

  4. $6,700 to live within 1,000 feet of a freeway? Say goodbye to your lungs.

  5. that thing is ugly as hell.

  6. a very long time ago, I lived in that neighborhood because it was very inexpensive With 5 young folks and a sickly husband, it was what my mom could barely afford. Once we moved away, we felt we were moving up. Now, I see this unattractive neighborhood is being rented for those kind of price. I believe someone is being gouged. There used to be oil field to the east of that and with a strong wind you can still smell it.

  7. Ugly, ugly like buildings from communist countries. Cheaply made; they will fall apart in 10-20 years. The area is still SO, SO, iffy to walk around after sunset. Only drive on Temple or Glendale Blvd AFTER sunset. ! Rent is over the top. Yucky

  8. if you can afford that price per month — BUY A HOUSE!!!

  9. If one had three roommates it would be $1675 a month. Not bad. Roommates people!

    • What grown ass person wants roommates? Maybe someone in their early 20’s and they most certainly can’t afford $1675.

      • Plenty of people have roommates. What kind of person would be renting a three bedroom, two bath apartment for THEMSELVES ALONE?

  10. That’s obscene.

  11. If you can come up with the required downpayment of a $500k house more or less, your mortgage would just be half or less than half of $6K per month.

    • Good luck on buying a 500k house in echo park for 3 bedrooms though, there is nothing that is near good quality for 500k in that area. We’re looking and it’s not happening.

      • I’d consider Granada Hills, Van Nuys, Sunland-Tujunga, Sylmar or San Fernando. Either that, or search for a two-bedroom in Echo Park that has room to add an auxiliary unit (though that’s not a simple process).

  12. over priced.

    But the market will speak loudly when a unit’s overpriced and overpromised.

  13. I don’t think they’ll find anyone to pay $6700 a month for an apartment in that area. The developer might have set that price to draw attention to the building. I can’t believe they would seriously expect to rent it for that much.

  14. For that kind of confetti you could be living on the canals in Venice… no way there’s anyone stupid enough to pay six grand a month to live at Temple and the 101.

    • See what happens when they let Love season 1 and 2 air on Netflix? Great, now we’re gonna have more yuppie bars. Can’t we just keep one trannie bar in the area?

  15. Ridiculous for that price. The area does not have the high end businesses to justify that kind of asking price. If it’s a super walkable neighborhood like where I am (Sunset and Logan) then I can understand. But that area is sketchy and you still need to drive to go to any any decent grocery stores or restaurants. I feel bad for the poor fools that end up paying that kind of money.

  16. To rent such an apartment requires the unlikely combination of a great deal of disposible money and a lobotomy.

  17. So a developer can come in, build an ugly building, has no real connection to the community, and charges whatever they want in rent. BUT, a mom and pop landlord with a strong, committed involvement with the community can only raise their rent 3 percent each year on long term tenants paying very low rent. It’s so blatantly unbalanced. If mom and pop landlords were allowed to raise the rent on a more reasonable scale like 6-9 percent a year, there wouldn’t be such a distinct chasm like we are seeing now. These huge corporate landlords can charge whatever they want because there’s a demand. I know a guy who owns three homes, but maintains his very low rent apartment for when he is in Santa Monica. There’s no way he’s going to open up that apartment to someone else making it available for another renter. This is pretty common with rent controlled places. The overly strict rent control laws create a climate where folks never leave their places so the need for newer developments is very important, but the newer places are not under rent control.

    • Alex, You are exactly right. Rent control creates massive price distortions our politicians refuse to acknowledge. They would rather pander to their constituents by implementing things like rent control as a “solution”. Economists from both sides of the aisle (including the left leaning Milton Freedman) studied rent control and agree that the unintended consequences of price fixing (rent control) far outweigh any benefit.
      The latest proposal to repeal Costa-Hawkins would see even more consequence to the rental market. Mom and Pop investors will no longer be able to survive in that environment, the properties will drop in value, get gobbled up by developers and torn down to make way for these types of developments where they can charge whatever they’d like. So the old rent controlled tenants get bought out and those RSO units are off the books forever.
      We need to educate the people who are making these decisions, I encourage you and anyone else who owns investment property to join me at the LA convention center April 19, 2017.
      It is a free event sponsered by AAGLA. Register at aaglaexpo.com

    • Well they can ask for $6k/mo… but if nobody rents it they’ll have to lower the price (or watch it collect dust.)

      But yeah, it definitely sucks that small time landlords have to play by a different set of rules from the big boys. Kinda the problem with most of our economy these days.

    • Alex and Robert you do not know what you are talking about. You can only raise the rent 3% if the apt. was built before 1970 if you have done ZERO IMPROVEMENTS TO THE PROPERTY. If you do major improvements you can charge whatever rent you want. You will have to pay to have those renters relocated in which you should. Whatever BS you want to throw at Economic Theory you can. Rent control has kept Slum Lords from over charging for crapy old apts. that they have not done improvements. MOM and Pop landlords that is a joke of a term. If you have owned Property e.g. since the 1950’s and have done zero improvements you should not be able to profit just because new buildings have been built in your neighborhood. Put money into your investment and you will no longer will be a part of the 3%. Also it forces those cheap Landlords to do improvements to their house which is a benefit to the whole community.

      • Not true. Do your research. My duplex is impeccable. I love the building and love my community, but because I keep up the building and never let it get run down because I’m a decent human and excellent landlord, what do you suggest if I don’t need a new roof and everything is kept in good shape? Seriously? Please show me where I can raise the rent simply by maintaining it. Please list a specific web page for where a landlord can raise the rent for keeping a building nice. I trim trees, maintain the garden areas, paint stairs and windows as soon as they start to peel, fix plumbing immediately when there’s a problem, etc. Because I am diligent about keeping the place as nice as if I lived there, it never needs major work, but it COSTS. I look forward to you posting your specifics. Thank you. There are lots of true mom and pop landlords in LA, but if we start to lose money by not being able to keep up, we will sell and who will buy??? You guessed it. Much richer, lawyer-laden, corporate types. Mom and pop landlords generally care. Corporate landlords are a different story.

      • The issue here is opposite- this building literally pre made ikea drawers. Its not “mom and pop” slumlords who can’t raise the rent that is a problem. Its greed and unregulated post 1978 multi unit rental housing.

        There needs to be a blanket MAXIMUM rent allowed in the city where ALL tenants can live and have quality of life. This should apply to protect businesses as well. If you have loyal tenants taking care of YOUR building and not breaking any laws then they should be honored for that.

        However we are in a real estate bubble and that mug is bout to P O P . This building was made to be torn down in twenty years anyways to get new investors involved.

      • Your comment makes it clear that you’re not an expert on the Los Angeles rent-control ordinance. A landlord of a rent-controlled building can file for a capital-improvement rent increase and pass on half of the cost, amortized over 60 months. For example, if I spend $10,000 to replace my drain line and repave my driveway, I can file for a capital-improvement rent increase, which will cover $5000 (half the cost), divided over five years, so around $95 a month for those 60 months. However, I think there’s also a $50-a-month limit on the rent increase (not 100% sure about this). In any case, this isn’t the same as charging whatever you want – far from it.

  18. I think the strategy for this building is to overstate the book rates for their apartments, then lease out blocks of units at 25-30% discount to City of Los Angeles and County of Los Angeles so they can start spending some of the money coming in from new sales tax and new bond authorization to fund homeless housing

  19. Sadly, somebody is considering paying that price. Obviously it’s over-priced, but the developers don’t care what anyone thinks. They are probably quantifying data about who is being made to move out of our neighborhoods…and who is moving in. They probably figure that part of the renter’s market, seeking luxury apartments, is being under served. Those that give LA any shred of an attractive soul, are being sent packing. I fear they may be replaced by the type of people, who truly resemble the shallow personalities everyone wrongly associated with being in LA.

  20. Get used to it, you got duped by Garcetti , the city council and the No on S sheep.

    • I’d love to hear your explanation of how measure S would’ve prevented developers from building luxury housing… I’m just gonna go make some popcorn real quick, this should be entertaining.

  21. velvet hornsby

    Well, well… the marketing for this building worked! Look at all the press! Now, everyone knows about it and people will flock to the building. Will they pay this much rent? No. The landlord never expected it. But they will negotiate down from this high figure and end up with very good rent in any case. Sheesh, c’.mon folks stop forgetting this is #CAPITALISM doing what it does best.

  22. $6700 a month??? ARE YOU KIDDING ME?? IN THAT AREA??? Does that price includes 24 hour security??

  23. My understanding is that the units do come with a front door at no extra charge as well as a kitchen sink.

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