LA-Tri-Cities, CA Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

The LA Tri-Cities (Glendale, Burbank, Pasadena) multifamily market softened slightly in Q1 2026 against a backdrop of geopolitical conflict, rising energy costs, and higher mortgage rates that caused transactions to take a breather, with the 10-Year Treasury yield rising to 4.32%. Twelve-month absorption turned negative at -30 units while vacancy declined modestly to 4.6%, and asking rents rose to $2,555 per unit even as sale pricing held flat at $401,000 per unit. With operating expenses rising and rents flattening, cap rates are trending higher, though a hoped-for resolution to global tensions and record equity markets suggest local transaction activity could normalize in the months ahead.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Tri-Cities multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.