Exploring the housing market across LA – from capital markets and design trends to an update on major projects

LA County, according to a recently published USC Lusk Center Multifamily Forecast Report, is the only region in Southern California with more renters than homeowners. It is through this lens that Bisnow gathers industry leading visionaries responsible for the largest multifamily transactions and developments to discuss the state of multifamily housing across the County.

Year over year, rent is up ($2,230 monthly from $2,180), vacancy remains sub-4% (down to 3.5% from 3.7%), and job growth is steady. Together, these factors result in a healthy housing market, homelessness and affordability aside. Of note, however, is that LA County’s housing stock is the oldest among Southern California marketers – 56.1% built before 1970 and just 8.2% built after 2000.

To combat the aging stock, construction is up (and has been year over year since 2009). One needs to just drive across town to see the various megaprojects rising toward the sky – from the Westside to Downtown LA and even in the San Fernando Valley, there are nearly 10 projects of 500+ units under construction. On the investment front, 2019 saw six nine-figure deals, with sales occurring in DTLA, West Hollywood, and Koreatown.

As the cycle rolls along, elections near, and Los Angeles continues to house a stalwart economy driven by entertainment and technology, all eyes turn to those with the ability to innovate and expand our housing supply.