Unlike most of the nation, the Los Angeles apartment market has yet to reach a full recovery in rental rates since the recession. However, like most of the nation’s apartment market, Los Angeles is seeing a big surge in new apartment development.
After apartment revenue growth in metro Los Angeles trailed the U.S. norm by a fairly sizable margin in 2010 and 2011, the area’s stats moved about in line with national results during 2012 thanks to strong performances by higher-end submarkets.
The slow and inconsistent recovery of the Southern California’s big four apartment markets continued into 2nd quarter 2012, with weak demand and subpar rent growth.
Los Angeles had the best 1st quarter performance among the Southern California markets, and that brought occupancy to the fully recovered point. But rents still have some climbing to do to get back to pre-recession highs.
The performance of the Los Angeles apartment market is the big surprise of the third quarter this year. MPF Research breaks down the reasons why.
I had the pleasure of visiting 1600 Vine, this year’s NAA Paragon Community of the Year. Even more than the physical beauty and amenities of the property, there was one feature that stood out most to me: the employees.
MPF Research takes a visual look at Los Angeles’ recently built apartment properties as well as projects under construction.
LA’s apartment market posted solid rent growth in 1st quarter, but occupancy improvement remains elusive.
For the first time in the cycle, most of Southern California’s markets posted meaningful rent increases about in line with the upturn recorded for the nation as a whole.