{"id":3522,"date":"2022-03-07T14:52:20","date_gmt":"2022-03-07T14:52:20","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3522"},"modified":"2023-09-21T06:51:26","modified_gmt":"2023-09-21T06:51:26","slug":"los-angeles-housing-market-trends-february-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/los-angeles-housing-market-trends-february-2022\/","title":{"rendered":"Los Angeles Housing Market Trends (February 2022)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Metro\u2019s Economy Set To Regain Its Footing<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-summer-2021\/\">After struggling to hold its balance<\/a><\/strong>, <strong>Los Angeles\u2019 multifamily market saw a strong rebound across all indicators during the second half of 2021<\/strong>. By the end of the year, <strong>the average rent was $2,402<\/strong>, up 0.6% on a trailing three-month basis and far above the $1,594 national average. Both Lifestyle and Renter-by-Necessity properties exceeded pre-pandemic price points for rents, while occupancy recorded new highs across the board.<\/p>\n\n\n\n<p><strong>LA\u2019s unemployment rate reached 7.1% as of November<\/strong>, according to preliminary Bureau of Labor Statistics data. All sectors continued to regain jobs, as the economy is gearing to get back on track. The <strong>metro added 227,500 position<\/strong>s over the 12 months ending in October, with employment rates at 6.1%. New opportunities might boost this strong start, but supply chain disruptions and labor shortages are projected to continue playing a part in Southern California\u2019s recovery. A report by Micronomics Economic Research and Consulting found that the Super Bowl would generate between $234 million and $477 million in tax revenue for LA, while adding some 2,220 to 4,700 new jobs.<\/p>\n\n\n\n<p>LA multifamily investment amounted to $4.2 billion in 2021, exceeding the average recorded over the past five years. Despite rising costs, development maintains a steady pace, with 30,151 units under construction.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1525-MatrixMultifamilyLosAngelesReport-February2022\">Matrix Multifamily Los Angeles Report-February 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Metro\u2019s Economy Set To Regain Its Footing After struggling to hold its balance, Los Angeles\u2019 multifamily market saw a strong rebound across all indicators during the second half of 2021. By the end of the year, the average rent was $2,402, up 0.6% on a trailing three-month basis and far above the $1,594 national average. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[454,444],"class_list":["post-3522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-los-angeles","tag-multifamily-outlook-2022"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Los Angeles Housing Market Trends (February 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The Los Angeles multifamily sector performed well in 2021, despite demographic struggles and lagging job recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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