Los Angeles Multifamily Market
Economic Recovery and Dispersal of New
Units a Boon for Metro's Largest Regions
Vacancy historically low in downtown and Silicon Beach. Apartment demand in two of Los Angeles County's largest employment hubs is strong, prior to the full-scale return of professionals to in-office operations, suggesting further improvement in rental performance may be on the horizon. Over the past year ending in March, Greater Downtown Los Angeles and the Westside Cities region each noted vacancy compression of at least 350 basis points, reductions that placed local availability below 3 percent. Sparse vacancy warrants supply additions; however, Greater Downtown will record a decline in completions this year, with Santa Monica the only Westside locale to add more than 500 units. Moderate completion volumes in both regions, coupled with higher-paying job growth, will ensure new units are well received and tight conditions preserved this year.