{"id":8095,"date":"2024-07-18T12:44:00","date_gmt":"2024-07-18T12:44:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8095"},"modified":"2024-12-04T13:07:42","modified_gmt":"2024-12-04T13:07:42","slug":"los-angeles-multifamily-market-report-february-2024-2","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-february-2024-2\/","title":{"rendered":"Los Angeles Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <a href=\"\/blog\/los-angeles-multifamily-market-report\/\"><strong>Los Angeles Multifamily Market Report<\/strong><\/a><\/p>\n\n\n<hr \/>\n<h2>Employment Market Contracts<\/h2>\n<p>Los Angeles multifamily fundamentals were sluggish at the start of the second quarter of 2024, according to the latest Yardi Matrix Los Angeles multifamily market report. Short-term rent growth emerged from negative territory, up 0.1%, to $2,584, on a trailing three-month basis through April. Meanwhile, year-over-year movement slid further, down 0.5%. However, demand remained steady. Despite last year\u2019s decade-high supply expansion, the occupancy rate in stabilized properties declined just 50 basis points to 95.8%.<\/p>\n<p><iframe id=\"datawrapper-chart-E5BeT\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Los Angeles vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/E5BeT\/1\/\" height=\"321\" 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>In the 12 months ending in February, the Los Angeles employment market contracted 0.1%, marking the sixth consecutive month of job losses, while the U.S. rate was up 1.5%, as noted in the <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\">national multifamily report<\/a><\/strong>. The information sector lost the most jobs (-36,000), mainly due to the writers\u2019 and actors\u2019 strikes, which ended in November. Professional and business services followed with 16,000 jobs lost. Meanwhile, job gains were led by education and health services (45,100 jobs) and government (11,000 jobs). The former has good prospects, sustained by the county\u2019s $1.7 billion Harbor UCLA Medical Center Replacement Program.<\/p>\n<p><iframe id=\"datawrapper-chart-a8Kl2\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Los Angeles Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/a8Kl2\/2\/\" height=\"423\" 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>Developers delivered 1,728 units through April. While new starts are dwindling, there were 31,423 units underway. Investment activity remained tepid, with $616 million traded through April, for an average per-unit price of $368,240.<\/p>\n<p>Read the full Los Angeles Multifamily Market Report: <a href=\"\/publications\/download\/file\/5791-MatrixMultifamilyLosAngelesReport-June2024\" rel=\"\"><strong>June 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Employment Market Contracts Los Angeles multifamily fundamentals were sluggish at the start of the second quarter of 2024, according to the latest Yardi Matrix Los Angeles multifamily market report. Short-term rent growth emerged from negative territory, up 0.1%, to $2,584, on a trailing three-month basis through April. Meanwhile, year-over-year movement slid further, down 0.5%. However, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[454,511],"class_list":["post-8095","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-2024"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Los Angeles\u2019 employment market contracted 0.1 percent in the 12 months ending in February, while the U.S. rate increased 1.5 percent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-february-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Los Angeles Multifamily Market Report \u2013 February 2024\" \/>\n<meta property=\"og:description\" content=\"Los Angeles\u2019 employment market contracted 0.1 percent in the 12 months ending in February, while the U.S. rate increased 1.5 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/los-angeles-multifamily-market-report-february-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T12:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T13:07:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Los-Angeles-iStock-2156343838.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Los Angeles Multifamily Market Report \u2013 February 2024 - 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