{"id":5720,"date":"2023-03-09T10:46:09","date_gmt":"2023-03-09T10:46:09","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5720"},"modified":"2023-09-12T19:48:32","modified_gmt":"2023-09-12T19:48:32","slug":"los-angeles-multifamily-market-report-february-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-february-2023\/","title":{"rendered":"Los Angeles Multifamily Market Report \u2013 February 2023"},"content":{"rendered":"<h2>Rent Growth Ceases, Investment Expands<\/h2>\n<p>Los Angeles <a href=\"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-november-2022\/\"><strong>ended 2022 on a sluggish note<\/strong><\/a>, as the nation prepared for economic headwinds. The L.A. multifamily market reflected this prognosis, with rent growth slowing to a halt\u2014at 0.0% on a trailing three-month basis through December\u2014but still 20 basis points above the national figure. L.A.\u2019s $2,594 average rate was significantly above the $1,715 national figure.<\/p>\n<p><iframe id=\"datawrapper-chart-YGRYW\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Los Angeles vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/YGRYW\/2\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The metro\u2019s unemployment rate was 4.5% in November, according to preliminary data from the Bureau of Labor Statistics, down 170 basis points year-over-year. According to the California Employment Development Department, by November 2022, not only had the state regained all the jobs lost during the 2020 lockdowns but it had also added an additional 2.8 million positions. Over a 12-month period through October, L.A.\u2019s workforce expanded by 4.5%, 50 basis points above the U.S. rate. Gains were led by education and health services, which added 51,400 positions. L.A.\u2019s entertainment industry saw massive investments into developing new production space in 2022, with the most significant projects totaling roughly $1.5 billion.<\/p>\n<p><iframe id=\"datawrapper-chart-nxp3P\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Los Angeles Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/nxp3P\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>In 2022, 8,619 new units were added to the multifamily stock, accounting for 1.9% of existing inventory, down 100 basis points year-over-year and 20 basis points behind the national average. Transactions were at an all-time high, with volume reaching $5.8 billion in 2022, up 6.7% year-over-year.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3494-MatrixMultifamilyLosAngelesReport-February2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Los Angeles Report-February 2023<\/a><\/strong><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rent Growth Ceases, Investment Expands Los Angeles ended 2022 on a sluggish note, as the nation prepared for economic headwinds. The L.A. multifamily market reflected this prognosis, with rent growth slowing to a halt\u2014at 0.0% on a trailing three-month basis through December\u2014but still 20 basis points above the national figure. L.A.\u2019s $2,594 average rate was [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[454,475],"class_list":["post-5720","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-2023"],"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 Multifamily Market Report \u2013 February 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Economic headwinds made rents plateau on a T3 basis through December, though the average stayed way above the U.S. rate, Yardi Matrix reports.\" 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