Greater Los Angeles Q2 Multifamily Market Report: Stable Apartment Performance, Despite Economic Volatility

Highlights:

  • The Los Angeles multifamily market maintained healthy operating performance during the second quarter, even during a period of economic turbulence. Large, mature markets that are less reliant on population growth are generally better positioned to absorb large economic shocks than regions reliant on growth.
  • In Los Angeles County, vacancy increased 10 basis points from the previous quarter to 4 percent; the rate is up 40 basis points year over year.
  • Local asking rents declined 0.9 percent in the second quarter and finished the period at $2,067 per month. Annual rent growth remained positive, and asking rents advanced 1.2 percent during the past 12 months.
  • Sales prices advanced during the first half, even as transaction activity slowed. The median price for deals closed in the first six months of the year is up 10 percent from the same period in 2019, while cap rates have averaged 4.2 percent.

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