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Market Report

Los Angeles Multifamily Market
Report

4Q 2024

Renters Scour the Metro for Relatively Affordable
Living Options, Eliciting Class C Investment Activity

Lower-cost submarkets on solid footing. Amid a period of household budget tightening, local apartment fundamentals point to strong demand for discounted rentals. During the first half of 2024, Class C vacancy declined in half of Los Angeles’ 20 submarkets and held firm in two, allowing overall lower-tier vacancy to remain unchanged over this span at 4.2 percent. Demand for budget-friendly units, however, extends beyond the households that slot into the Class C renter pool. Collective vacancy in the 12 submarkets with an overall effective rent below the metro average was 4.7 percent in June — a rate 60 basis points below the other eight areas’ combined vacancy. East Los Angeles, Van Nuys Northeast San Fernando Valley and Southeast Los Angeles lead the group of lower-cost submarkets, as each entered July with vacancy at or below 4.0 percent.

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