Los Angeles Occupancy Reaches Historic Highs
The Los Angeles multifamily market kicked off 2022 with historic highs in occupancy and effective rents. Occupancy through the first half of the year closed out at 96.7%, levels not seen in over 15 years. Effective rent per unit increased 7.2% year over year and is now 8.6% higher than the pre-pandemic peak. Total sales activity posted strong numbers through the halfway point of 2022, recording $6.5B in total volume, despite rising interest rates and overall economic uncertainty. The average sale price per unit is now 9% higher than a year ago and up 45% compared to five years ago.