Snapchat Leases Apartment Building to House Employees

Jun 21, 2016

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.

About the author

Phil Hall

Link copied

Published

Jun 21, 2016

Courts

Six Mortgage Brokerages Sued Over Alleged Kickback Scheme

Pennsylvania AG claims up to $1M swapped hands between agents and brokers

A cautionary tale for mortgage brokers arrived this week from Allentown, Pa., after state prosecutor and former Pa. Attorney General, Michelle Henry, filed a lawsuit against six mortgage brokerages that operate in the area, and their manager, Barry Newhart, concerning an all...

Analysis and Data

Existing-Home Sales See Quickest Climb Since Last February

Median home prices remain at record high, sales near-30-year low

Despite high prices and mortgage rates, existing-home sales in the last three months of 2024 “showed solid recovery,” according to the National Association of Realtors (NAR). Sales grew by 2.2% in December from the month before to a seasonally adjusted annual rate of 4.2...