Metro L.A. multifamily rents were down 0.4 percent on a trailing three-month basis as of July, while the national average slid by 0.1 percent, according to Yardi Matrix in its summer report. The metro’s average apartment rent rate clocked in at $2,159 per month, well above the U.S. nationwide figure of $1,469 per month. Los Angeles, where rents were very high to begin with, is among large coastal markets that experienced the deepest declines in rent growth nationwide, along with New York City, San Francisco and Northern California’s Silicon Valley.
Los Angeles had 30,077 apartment units under construction as of July, with more than 80 percent of those aimed toward high-income earners. A little more than 60 percent of the developments under way are slated to come online by year-end, but delays are likely to occur due to pandemic-driven implications, which are bound to affect some 154,000 units in the planning and permitting stages, as well.
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