Rents Slide, Supply Remains Solid
Los Angeles ended 2025 in similar fashion to how it started the year, balancing sluggish to flat rent growth and solid supply gains, according to the latest Yardi Matrix Los Angeles multifamily market report. Advertised asking rents ticked down 0.3%, on a trailing three-month basis through December, to an average of $2,628, on par with the national figure. Occupancy for stabilized assets remained solid, at 95.9% in November, 130 basis points ahead of the U.S. average, despite significant supply expansion, as noted in the national multifamily report.
Employment gains remained sluggish, at 0.5% year-over-year through September, lagging the national rate by 30 basis points. Unemployment remained elevated, at 5.3% in November and 80 basis points above the U.S. average, according to preliminary data from the Bureau of Labor Statistics. Over the 12-month period ending in September, Los Angeles added 16,500 net jobs, with education and health services (50,600 positions) leading gains. Five sectors lost 40,300 jobs combined. Ahead of the 2028 Olympics, the $2.6 billion expansion project for the L.A. Convention Center broke ground in October, while several major infrastructure projects are also underway across the metro.
After the last three years added more than 37,000 units combined, development is winding down. Developers had 25,754 units under construction at the end of last year and broke ground on 6,836 units.
Read the full Los Angeles Multifamily Market Report: February 2026
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