Greater Los Angeles Q1 Multifamily Market Report: Conditions Were Stable Prior to COVID-19
Highlights:
- The multifamily market in Greater Los Angeles was showing steady performance in the first quarter when the coronavirus pandemic put the market on pause. As the economy reopens, apartment conditions will likely return to something close to normal.
- Vacancy in Los Angeles County increased 10 basis points from the previous quarter to 3.9 percent; the rate is up 30 basis points year over year.
- Local asking rents finished the first quarter of 2020 at $2,086 per month, up 2.8 percent from one year earlier.
- After a strong fourth quarter in 2019 the investment market slowed slightly in the beginning of the year before the COVID-19 outbreak stalled activity. The median price rose to $317,000 per unit, and cap rates averaged approximately 4 percent.
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