Los Angeles Occupancy Inches Higher as Rent Growth Slows
Through the first three quarters of 2022, the Los Angeles multifamily market set another occupancy high-water mark of 96.7%. Effective rents per unit increased 4.98% year over year and are now 9.48% higher than the pre-pandemic peak. Total sales activity posted strong numbers through Q3, recording $8.7B in total volume YTD, up 31.5% compared to 2021. Despite rising interest rates and overall economic uncertainty, the average sale price per unit is now 6.4% higher than a year ago and up 43% compared to five years ago.