Lee & Assosciates 2025 Q3 Los Angeles CA Multifamily

Market Overview

‍In the Q3 2025 Los Angeles County multifamily market, vacancy rose to 5.3 %, the highest single-quarter figure in more than a decade for the region. Demand softened with 12-month net absorption falling to 7,073 units, while over 8,600 new units delivered year-to-date. Asking rent held near $2,333 per unit with year-over-year growth under 1 %. The pipeline is shrinking—units under construction dropped to 18,609, the lowest level since 2017—pointing toward potential tightening ahead despite macro risks.

‍About Lee & Associates

‍Lee & Associates is a commercial real-estate advisory firm with offices across the U.S. Their Los Angeles multifamily market report combines supply, demand, rent and construction metrics to give owners, developers and investors a forward-looking snapshot of local asset-class performance. To read the full report, click here.