Los Angeles, CA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Los Angeles County's multifamily market cooled considerably in Q4 2025, with trailing 12-month net absorption falling to 2,606 units from over 10,000 earlier in the year, pushing vacancy to 5.7%. Asking rents held at $2,325 per unit, above year-ago levels despite the softer leasing pace. On the supply side, the picture is constructive: units under construction declined to 17,542 from 21,022 a year prior, continuing a multi-quarter contraction. Investment activity remained active, with several transactions clearing $100 million and cap rates holding near 5.0%. Limited product availability and deep structural supply constraints continue to support pricing across well-located assets county-wide.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Los Angeles Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.