As Anna and I make our way from the hills of the San Fernando Valley to the harbors of Long Beach, from the sun-drenched blocks of Los Angeles to the evolving corners of Orange County, we’re seeing stories unfold in the multifamily world that are as telling as any novel. The land is changing — not in a dramatic wave, but in the quiet, certain way that change always comes.
After years of bustling construction and cranes painting the skyline, Los Angeles’ multifamily pipeline is beginning to slow its pace. Over the past decade, the city has seen nearly 9,900 new units delivered each year — more than double what we saw in the early 2000s. The hum of development was constant, with over 100,000 units under construction at any given time, shaping the neighborhoods and hopes of many.
But now, the rhythm is shifting. With only 82,000 units currently under construction — the lowest since 2016 — and new starts down nearly 20% annually since 2022, a breath is being drawn. Just 6,200 units were started in the past 12 months, the quietest moment in building activity since 2010. It seems, at last, the market is giving demand a chance to catch its breath.
This slowing may bring balance. For every two new apartments built in the past decade, only one renter was waiting. Vacancy rates climbed to 5.3%, the highest in a decade (save for the unusual year of 2020). Now, as the dust settles, we may see communities grow into what has already been built.
The heart of development has long beat strongest in Downtown LA, Koreatown, and Hollywood — where the bones of old buildings still stand, waiting for new life. In these areas, 34% of all multifamily growth has taken place. Olympic + Hill, a 685-unit project completed in July, now stands as the largest development of the past two years — a sign of the scale and ambition the city still holds.
Yet even as luxury towers rise, we see a new current: a return to the middle. From 2015 to 2019, nearly 9 out of 10 new apartments were top-tier, four- and five-star units. But since 2021, that number has dropped, while more modest, three-star apartments — more attainable, more grounded — have grown to 24% of all construction. Neighborhoods like East Hollywood, Van Nuys, Koreatown, and Westlake are seeing a doubling in these more accessible homes. It’s a quiet pivot — one that speaks volumes about who we’re building for.
There’s a story in every building, every unit, every street. And if you’re curious where your property fits in — whether it's part of the old story or the new one just beginning — we’re here to talk. No pressure, no obligation. Just an honest conversation, neighbor to neighbor.
With gratitude and respect,
Frank – (310) 503-4158
Anna – (310) 780-0148
