Los Angeles Multifamily Market Report
Record Development Activity, Eviction Moratorium Expirations Cloud Near-Term Apartment Outlook
Metro takes initial steps toward recovery. Los Angeles entered 2021 with the second-highest unemployment rate nationally, having recovered less than half of the 660,000 jobs lost last April. The metro’s economy, however, is beginning to benefit from the partial rollback of COVID-19 restrictions that has allowed certain companies to rehire. The ongoing vaccine rollout should further reduce restrictions at restaurants and businesses and allow the reopening of entertainment venues and schools. Widespread vaccination could also boost tourism this summer, aiding the hard-hit leisure and hospitality sector. Significant job creation within this segment could pave the way for a recovery that closes the gap with better performing markets. Once the labor market improves, conditions could again favor apartment owners as more than half of metro households rent.