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Market Report

Los Angeles Multifamily Market Report

3Q 2021

Job Creation Lifts Rental Demand; Los Angeles Fundamentals Returning to Pre-Pandemic Levels

Leasing activity elevates to 15-year high. After the initial months of the health crisis, Los Angeles County has consistently registered positive renter demand. Fueled by the addition of 89,000 jobs during the second quarter, nearly 9,700 units were absorbed, highlighting recent performance. The diverse job creation that occurred from April through June improved property vacancy across all apartment tiers with each rental segment recording compression. These declines lowered overall vacancy to 4 percent and boosted the average rent by roughly 3 percent. With the county adding 37,800 households over the past year and strong job creation expected in the second half, vacancy is positioned to return to a pre-pandemic rate in the near term.

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