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LA's $10 Billion Secret: How Empty Apartments Are a Goldmine for Landlords

How SwingUnit was born

Los Angeles is a city of dreams, but for many, finding a place to live can be tough. So, what if I told you there are over 93,000 empty apartments in the City of LA right now? It sounds crazy, but it's true. These empty units aren't just a housing problem; they represent a massive, $10 billion missed opportunity for landlords. Let's break down why this is happening and how a new idea—a landlord marketplace—is unlocking this hidden value.

The Small Landlord's Big Problem

You might picture LA landlords as big corporations owning giant skyscrapers, but that's not the whole story. The majority of landlords in LA own about 14 units. They're small business owners. For them, having an empty apartment isn't common, but when it happens, it's a big deal.

So why would they keep a unit empty on purpose?

It comes down to flexibility and value. Sometimes, a whole building is worth more to sell if it's completely empty. Or maybe the landlord wants to renovate or find a different, more profitable use for the space. They are always asking, "How can I make the most money from my property?" An empty unit gives them the freedom to figure that out, but it comes at a cost—no rent is coming in.

A Fortune Lost in Empty Rooms

Let's do some quick math to see how big this opportunity really is.

  • There are 93,000 vacant units in the City of Los Angeles and 225,000 in LA County.
  • The average rent in LA is about $2,795 per month.

If you multiply the number of empty apartments by the average rent, landlords in LA are missing out on over $400 million in rent every single year! But it gets bigger. In real estate, the value of a building is often tied to how much rent it brings in. All that missed rent means the buildings themselves are worth less. When you calculate that lost value across the city, it adds up to an incredible $10 billion. It's a massive fortune hiding in plain sight.

The Solution: A Marketplace for Landlords

This is where a platform like SwingUnit comes in. Think of it like an Airbnb or an Amazon, but specifically for landlords. A landlord marketplace connects property owners who have vacant units with people and businesses who need space.

Instead of letting a unit sit empty while they figure out a long-term plan, a landlord can use a marketplace to:

  • Find a high-quality, short-term tenant.
  • Rent the space to a company for temporary corporate housing.
  • Partner with a business to create a unique living experience.

This helps landlords earn income immediately from their empty units, turning a money-losing problem into a money-making opportunity. It gives them the cash and the time to decide the best future for their building without losing money every month.

For a city like Los Angeles, this is a game-changer. It helps landlords maximize their investment, puts empty apartments to good use, and taps into a $10 billion market that was previously ignored. It's a win for landlords and a win for the city.