The public transit system in Hollywood has been the catalyst for the submarket's tremendous recent growth. Hollywood demographics have shifted wildly in recent years, followed by a wave of development activity and capital investment into the market, in what has become known as the Hollywood Renaissance. According to a new survey from the Hollywood Chamber of Commerce, the population in Hollywood earns an average of $104,000 annually and the largest age demographic is 35 to 49.

“It is evident from the survey that Hollywood has evolved and grown as you might expect based on the tremendous growth in both residential and commercial development,” Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, tells GlobeSt.com. “Today the population's average age is 35-49 and earns on average $104,000 per year. Further, they are well educated with 77% holding a college degree and 32% holding a graduate degree.”

These demographics have shifted recently, in the last three years. “With roughly 30% of residents having lived in Hollywood three years or less, the demographics suggest a strong increase of people choosing to live in this community,” says Gubler. “The data shows clearly that Hollywood enjoys one of the most diverse populations in any community across the City of Los Angeles.” Gubler adds that the zip codes 90027, 90028, 90029 and 90038, also known as the flats, has a larger population of younger residents, ages 25 to 34. “Hollywood also enjoys an older, more established group of residents, who've lived in the area longer and tend to be more homeowners in the “hills,” as represented by zip codes 90027, parts of 90046 and 90068,” he says.

Access to public transit has been a major catalyst of the changes in population and demographics as well as the capital investment and development in Hollywood. “The origin of Hollywood's renaissance, which has changed the physical and demographic make-up of the region, can be directly linked to the arrival of the subway system connecting Hollywood to downtown and the valley,” says Gubler. “Hollywood's civic leadership was ahead of its time in encouraging the growth of LA Metro with three stops in Hollywood. That, over time, along with easy access to the 101 and good bus transit east-west, means that Hollywood is benefitting greatly from being positioned between Downtown LA and the growth on the Westside. These advantages and its central location attracted development and investment including some of the first public/private developments along the Metro route.”

While public transit is integral to growth in the market, the thriving live-work-play environment has also helped to encourage growth. The survey shows that 59% of residents walk to work while 43% of residents use the subway to commute daily.

“These joint developments proved that Hollywood is a place where people want to live making it an attractive option for businesses to locate,” explains Gubler. “Today there are approximately 2,900 apartment units under construction adding to the approximately 7,000 units that have been completed over the last 15 years. In addition, the area's new commercial developments have attracted major employers such as Netflix and Viacom, and existing owners are expanding facilities such as Paramount Studios and Hudson Pacific at its independent studio properties.”

Transit, amenities and the centralized location of the Hollywood market have positioned it for further growth. “Millennials—and others—are finding it a very convenient community to live in and navigate the region,” says Gubler. “Plus, the historic nature of the Hollywood community, great architecture, history, and the sense from respondents that it's vibrant and dynamic community, and one filled with character, Hollywood has attracted a lot of younger people new to the region.”