The Los Angeles apartment market has already returned to pre-pandemic activity, according to the latest research from Marcus & Millichap. Apartment leasing is at a 15-year high, illustrating the strong renter demand. Demand has been so healthy that vacancy has fallen to 4% and rents are up 3% for the year.
Job growth is behind the market’s swift recovery. In the second quarter, 89,000 jobs were added to the employment market. At the same time, 9,700 units were leased and the county added 37,000 new households to Los Angeles County. Marcus & Millichap expects equally strong job growth in the second half of the year, ultimately predicting that 250,000 jobs will be added to the market this year.