Snapchat Leases Apartment Building to House Employees

How tight is the Los Angeles metro area housing market? Well, it is so tight that the high-tech titan Snapchat has signed a lease for a 25-unit apartment in Venice, Calif., so its employees can enjoy an affordable place to live.

According to a Curbed LA report, the company quietly signed the lease on the property last month, although details of the transaction were not made public. The building has updated apartments and will be used for rental housing by Snapchat employees that have been unable to find affordable housing options in the area.

Snapchat has recently been on a property leasing spree, including 80,000-square feet of office buildings and hangars at the Santa Monica airport, and it is estimated that the company now covers 200,000-square feet in commercial real estate. However, this new lease is believed to be the first for the company that involves residential real estate.