Only 4 miles from LAX and walking distance to world famous Venice Beach, Marina del Rey is known for exciting on-the-water activities, waterfront dining and well-appointed hotels with dynamic views of the harbor and city.
The median home value in Marina del Rey (zip 90292), California, is $1,508,100. Home appreciation is 19.70% over the last year. The median age of Marina del Rey (zip 90292), California, real estate is 36 years.
Rental and Housing Overview:
In Marina del Rey, several apartments are going through massive construction and modernization. Many of the buildings are at least 45 years old and need to compete with the newer buildings that offer faster Internet technology and other modern amenities such as common space for social areas, state-of-the-art fitness centers and office/computer centers for common use. Because most Marina del Rey lease agreements with Los Angeles County will expire in 2021 if not they are not renegotiated, many leaseholders are compelled to upgrade their properties and have already started or will soon begin major renovations.
Many projects are spending up to $400 million in upgrades both to their own facilities and also to common areas (such as the Marina del Rey pedestrian promenade). We are currently renovating Villa del Mar, which features some of the largest floor plans in the marina, to add washers and dryers to each residence as well as state-of-the-art Internet connections and numerous common area upgrades.
With all of these renovations, upgrades and major improvements, rents will most likely continue to rise at a gradual to moderate pace. It is also important to mention that established apartments are now finding themselves competing with securing renters that are also looking at many of the new communities coming online in Playa Vista and its surrounding areas. Overall, these highly desirable waterfront neighborhoods are benefiting from growing renter demand and a strong employment base
in these areas.
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