Will High Prices and Low Occupancy Doom The Q?
California Homebuilders may have overshot the mark with high priced The Q Variel apartments in Woodland Hills, CA.
Shawn Evanhaim and California Homebuilders' new Q Variel is now leasing. Adjacent to Woodland Hills trendy Warner Center and advertising a slew of amenities, "Q living" seemingly has a lot to offer.
That is, of course, if you are one of the few who can afford it.
High rental costs during the pandemic have left many of the apartments empty and management
desperate to fill open units. With studios starting in the mid $2ks and two bedrooms running close to $6k, it is not surprising that there is a surplus of empty apartments (at the time of writing there were 164 available units)
At such a high cost, one would expect overwhelmingly luxurious living but when this reporter took a tour, construction was underwhelming, floorplans poorly executed and layouts cramped. The following pictures are of a $2800 1-bedroom.
In comparison, a two bedroom at the nearby Montecito rents for between $2,939-$4,336 and right next door at the Motif, two bedrooms run between $2690 and $4420. A two bedroom at the Q on the other hand, rents for over a thousand dollars more, ranging from $3643-$5894, depending on floor.
All three offer many of the same amenities and the few extras that the Q offers hardly seem to justify a difference of over a thousand dollars a month especially given the respective apartment buildings' proximity to each other.
Warner Center is growing rapidly and is highly desirable with shopping, park space and night-life. With the cost of living at the Q Variel markedly higher than the rest, one wonders how many potential residents will just choose a nearby competitor simply for access to the best amenity of all, the neighborhood.