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Market Report

Los Angeles Multifamily Market Report

2Q 2023

Collection of Los Angeles Submarkets Exhibit
Encouraging Property Performance

Trio of downtown locations register positive momentum. Los Angeles County’s apartment sector is showing signs of improvement, despite vacancy resting slightly above its pre-pandemic mark. During the first quarter of 2023, seven of 20 submarkets registered positive net absorption, the best ratio in a year. Three of these areas — Downtown Los Angeles, Mid-Wilshire and Hollywood — comprise the CBD, an indication that some renters are returning to areas of higher density. This demand restoration comes at an opportune time, as most of the 7,500 units underway in Los Angeles proper are located in these submarkets. Elsewhere in the county, only the cities of Long Beach and Inglewood had active pipelines that exceeded 500 units as of March — with metro inventory slated to advance by just 1 percent this year, despite the delivery of 11,000 apartments. This moderate stock increase, and stalwart demand for lower cost rentals, will enable vacancy to hold below 5 percent for a 13th straight year. 
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