Greater Los Angeles Multifamily Figures Q4 2023

The Greater Los Angeles Multifamily market’s vacancy rate increased by 10 basis points (bps) quarter-over-quarter from 4.7% in Q3, and increased by 60 bps year-over-year to 4.8%.

The average rent per unit decreased by $26, while net absorption exceeded Q3 by 235 units.

Construction starts in GLA have decelerated and reported at the lowest levels since 2012.

Sustained elevated interest rates and stringent debt financing requirements constrained developers and new construction starts.
Sales volume across GLA’s Multifamily market saw an uptick compared to Q2 and Q3 2023, however, remained well below the total volume in 2022.

The largest sale of Q4 2023 was 6710 Variel Ave, which sold for $106.7M. Originally purchased in 2019 by Trammel Crow Residential and MG Properties for $69.3M, this sold 54% higher than its previous purchase price.