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Is Inexpensive Venice Housing so Rare That Snapchat Is Renting Some for Its Workers?

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The hip apartments are basically on the beach

Snapchat’s renting up real estate left and right, but one of its most interesting leases wasn’t office space, it was housing. The Los Angeles Business Journal reports the company signed a lease in May for a 25-unit apartment building.

The website for the building at 29 Navy Street, a very short walk from the beach, shows an outdoor shower for post-beach rinses, and updated apartments with subway tile and exposed brick. The financial details of the agreement weren’t disclosed.

Though Snapchat is keeping mum on its real estate deals, it’s believed the apartment building will be used as housing for employees, who would likely struggle to find housing they can afford close to work; having housing possibilities on hand will likely help the app attract talent. The success tech companies has contributed enormously to the intensified demand for apartments and homes in the area.

In the last few months, Snapchat also scored 10,525 square feet at 248 Westminster Avenue and "is poised to take the entire 33,000 square feet" at 909 Ocean Front Walk, where it already rents 5,000 square feet. There was also a lease signed last month to rent about 80,000 square feet of office buildings and hangars at the Santa Monica airport. Recent leases inked by Snapchat have more than doubled the amount of space it has in the area—from 100,000 square feet to 200,000.