L.A.'s apartment market is nearly on the rocks. That's the conclusion of Yardi Matrix, whose new report says sluggish rent growth, diminishing demand and a return to lower but historically average construction starts are dogging the city's multifamily housing market and discouraging investors, the Commercial Observer reported.
From January through September, L.A. investors traded 40 apartment properties for a total of $1.2 billion, a 77 percent decline compared to the same period last year. Of the completed deals, properties sold for a typical $325,294 per unit, down 25 percent from last year's sales. At the same time, L.A.'s rental rates rose 0.2 percent to an average $2,592 per month in September, 50.2 percent higher than the average U.S. rate of $1,722.
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