Where LA Multifamily is Holding Up in Today's Market

It's not all gloom and doom… here are the numbers.

Explore the resilient LA neighborhoods that investors are eyeing so for in 2024. Scroll below for a closer look at the numbers.

It's been an interesting year, to say the least. We’ve seen a real pickup in transaction volume from Q1 to Q2 (up by 47.7%), and things stayed active through Q3. A lot of that momentum comes from recent talk around potential rate cuts, which has given investors a reason to jump back in.

That said, all eyes are on Proposition 33—the "Justice for Renters" Act—coming up for a vote next week. This is the big one everyone’s been talking about, and depending on which way it goes, we could see some major changes for landlords and investors alike as we move into Q4 and beyond.

In the meantime, I’ve rounded up a few insights from some of the top-performing neighborhoods this year. It’s no surprise that Koreatown and West LA are still hot spots, but we’re also seeing a lot of movement in places like West Hollywood and Mid-City Santa Monica. Here’s a quick look at what’s trending:

• Koreatown: Attracting experienced investors looking for value-add deals at better cap rates, with a 20% bump in transactions.

• West LA: Holding strong as a premium market, with a 7.5% increase in median unit prices.

• Inglewood: Steady demand as prices tick up modestly in line with interest around the SoFi Stadium area.

We've broken it all down in more detail below. Let’s catch up soon—I’d love to hear your take and talk through any areas you might be considering.

Koreatown Multifamily Market Stats (2024 Q1 - Q3)

• # of sales: 26 (20 at end of Q3 2023)

• Median price per unit: $185,000 (-5% YOY)

• Median price per foot: $258 (-12% YOY)

Koreatown Multifamily Market Stats (2023)

• # of sales: 27 (79 in 2022 - -65% YOY)

• Median price per unit: $195,267 (-10% YOY)

• Median price per foot: $295 (-6% YOY)

Inglewood Multifamily Market Stats (2024 Q1 - Q3)

• # of sales: 21 (22 at end of Q3 2023)

• Median price per unit: $254,167 (+9% YOY)

• Median price per foot: $319 (+5% YOY)

Inglewood Multifamily Market Stats (2023)

• # of sales: 33 (-44% YOY - 59 in 2022)

• Median price per unit: $232,738 (-9% YOY)

• Median price per foot: $303 (-5% YOY)

West LA Multifamily Market Stats (2024 Q1 - Q3)

• # of sales: 20 (7 at end of Q3 2023)

• Median price per unit: $382,540 (+12% YOY)

• Median price per foot: $450 (+12% YOY)

West LA Multifamily Market Stats (2023)

• # of sales: 40 (57 in 2022 - 29% YOY)

• Median price per unit: $342,600 (-18% YOY)

• Median price per foot: $426 (-21% YOY)

West Hollywood Multifamily Market Stats (2024 Q1 - Q3)

• # of sales: 19 (11 at end of Q3 2023)

• Median price per unit: $263,889 (-20% YOY)

• Median price per foot: $349 (-4% YOY)

West Hollywood Multifamily Market Stats (2023)

• # of sales: 28 (62 in 2022 - -55% YOY)

• Median price per unit: $329,167 (-19% YOY)

• Median price per foot: $363 (-24% YOY)

Mid-City Santa Monica Multifamily Market Stats (2024 Q1 - Q3)

• # of sales: 13 (7 at end of Q3 2023)

• Median price per unit: $304,167 (-23% YOY)

• Median price per foot: $425 (-9% YOY)

Mid-City Santa Monica Multifamily Market Stats (2023)

• # of sales: 12 (20 in 2022 - -40% YOY)

• Median price per unit: $397,583 (-31% YOY)

• Median price per foot: $450 (-10% YOY)