LOS ANGELES, CALIFORNIA (DECEMBER 11, 2020) — 2020 has been the most unique year that I have seen in my 20 years of experience in this business. At the start of 2020, the multifamily market was coming off a very strong 2019 that navigated changes such as the monumental rent control bill known as AB 1482. Investors were poised for another great year until the pandemic began, which inserted widespread uncertainty into the market. Questions began to arise about whether multifamily would be able to sustain its success or if COVID-19 would be as detrimental to the market as it had been to retail and office properties.
As the pandemic erupted and shutdowns were ordered, investor sentiment became wary over a potential shift toward unfavorable market fundamentals. However, for most SoCal owners of multifamily, it proved to weather the storm during this pandemic and more confidence was instilled in the apartment market as one of the top asset classes.