• Investment returns increased for the first time since 2017. NCREIF reported that total returns increased 20 bps quarter over quarter to 4.5%.

 

  • There were 24,577 units under construction, approximately 200 units below the five-year average. The nearly 100,000 units in planning stages indicated that the construction pipeline would remain strong throughout 2020 and into 2021.

 

  • The vacancy rate in Los Angeles was 3.7%—up 10 basis points (bps) year over year.

 

  • Los Angeles rents grew 1.9% from the prior year. The average monthly rent reached $2,310 per unit.

 

  • Q4 2019 multifamily investment in Los Angeles totaled $2.4 billion, up 2.9% year over year and 17.3% above the five-year average.