The Los Angeles multifamily market in Q4 2025 shows vacancy rates trending upward while rental rates remain flat. Construction activity has slowed, and sales prices per unit have declined slightly, with cap rates continuing to rise. Explore our full Los Angeles multifamily market review for detailed analysis and trends.
4Q 2025 Los Angeles Multifamily Market: Key Data Points
- Vacancy Rate Increases: Los Angeles multifamily vacancy rate rose to 5.6%, up 80 basis points year-over-year.
- Average Asking Rent Flat: Average asking rent held at $2,270 per month, showing 0% year-over-year change.
- Construction Pipeline Contracts: Units under construction dropped to 25,367, a 21% decrease from the previous year.
- Sales Price Declines: Average sales price per unit fell to $278,384, down 3% year-over-year.
- Cap Rates Edge Higher: Average cap rate increased to 5.6%, up 40 basis points year-over-year.
- Net Absorption Weakens: Year-to-date net absorption totaled 5,057 units, a 61.9% decrease compared to 2024.
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