15 Apr Los Angeles Multifamily Report – Spring 2021
Spring 2021 is officially here and as the weather warns up across Los Angeles, more investors are going to taking a fresh look at multifamily properties in Los Angeles.
If you’re thinking of investing in LA area multifamily properties, or you’re interested in learning more about how the market is doing in general, this article will offer you a synopsis of what’s happening with apartments in Los Angeles.
Local Rents Cover From Covid-19 Slowdown
Thanks to recent reports by Apartment Guide, we know that rents in Los Angeles and other major cities across Southern California were down by close to 20% in December 2020.
The slowdown was due primarily to Covid-19 which kept people home during the early days of the pandemic and sent people packing for ‘greener pastures once the lockdowns started to pass.
Right now, the average monthly rent for a 702 square foot apartment is $2,353, with the most affordable neighborhoods in the LA area being Jefferson Park, Vermont Knolls, Vermont Vista, El Sereno, Arlington Heights, and Winnetka.
Although Covid-19 has had a huge impact on local rents, the reality is that it wasn’t as bad as many analysts thought it would be thanks to the Economic Stimulus and work from home professionals who were able to continue working even during the lockdown.
More Tenants Living With Family Or Roommates
At the start of 2021, one common trend in Los Angeles that was also reflected across the country was tenants moving into bigger units with friends, family, or roommates to save money.
This means that bigger units have been in demand but most analysts predict demand for studio and one-bedroom apartments to return in Los Angeles by the end of the year as more people start returning to LA from areas like the Inland Empire, and going back to work and play in the Los Angeles area.
Owners have had it rough over the last year due to the Pandemic but the good news is that with the pending expiration of the State and Federal eviction moratoriums, money is flowing to landlords and this means that most landlords, especially ‘mom and pop’ owners are beginning to recover financially following Covid-19.
Contact MW Real Estate Group
At MW Real Estate Group, we specialize in Los Angles multifamily property management. This means you can count on us for comprehensive property management for your LA-based multifamily investment property.
For more information about the services that we can offer you, contact us today by calling (213) 924-2117 or click here to connect with us online