Developers are building many apartments  in Los Angeles for Gen Ys.  Generally, these apartments are multi-story high density smaller units in walkable urban areas. The developers load the building with hip amenities –gyms, do it yourself bike repair, roof pools with fire pits, water features and cabanas.  See article for example.

http://articles.latimes.com/2012/dec/15/business/la-fi-mo-gen-y-apartments-20121214

However, not every Gen Y is alike.  Some Gen Ys will prefer to live in more intimate low rise urban and walkable environments (or in Los Angeles — everything in a very short commute).  Some Gen Ys will desire the character of many of Los Angeles’ older apartments but still desire contemporary interior features and conveniences. Despite how walkable a neighborhood is–in Los Angeles–parking is still very very important.   Unlike the Mc W Apartments being built, some Gen Ys will cherish a less dense environment and the luxury these units afford for private outdoor space.  With more single households–also satisfying Fido (thank you for the mini yard) will fit into the housing decision.  We are renovating these older low rise properties into creative mutli-family to appeal to the young creatives,