Los Angeles Multifamily Real Estate Market Overview March 2025
General Los Angeles County

Occupancy Rate: As of Q4 2024, the overall occupancy rate in Greater Los Angeles was 95.2%, consistent with the previous quarter. ​

Average Asking Rent: The average asking rent per unit reached $2,818 in Q3 2024, reflecting a slight increase from the previous quarter. ​

Vacancy Rate: The vacancy rate stood at 4.7% in Q3 2024, indicating a stable market with steady demand. ​

Neighborhood Insights

📍 Santa Monica
Price Movements: In Q4 2024, Santa Monica's multifamily market experienced a slight decrease in price per unit, reflecting adjustments in investor demand. ​

Appreciation Rate: Over the past five years, Santa Monica's multifamily properties have appreciated at an annual rate of 1.9%, slightly below Los Angeles's average of 2.8%.

📍 Brentwood
Transaction Activity: The 90049 zip code, encompassing Brentwood, maintained stable transaction activity in 2024, indicating sustained investor interest. ​

📍 Culver City
Market Dynamics: Culver City continues to be a high-demand market for multifamily properties, offering strong rental demand and investment stability.​
📍 Pico
Development Activity: Pico neighborhood is witnessing active development, with new multifamily projects contributing to the area's growth and investment potential.​

Key Takeaways:
Stable Occupancy Rates: Occupancy remains strong at 95.2% across LA County.​

Moderate Rent Growth: Average asking rents have experienced a modest increase, reflecting steady demand.​

Active Investment in Prime Areas: Neighborhoods like Santa Monica and Brentwood continue to attract investors, with ongoing development and stable transaction activity.​

Overall, the Los Angeles multifamily market demonstrates stability, with consistent occupancy rates and moderate rent growth. Submarkets such as Santa Monica and Brentwood continue to attract investment, reflecting ongoing demand and development in these areas.