Summer leasing season brings little lift to Los Angeles multifamily rents

July's average asking rents for Los Angeles apartments rose just 0.02% from June, well below the market’s historical July average gain of 0.28%. Asking rents reached $3.02 per square foot, while annual rent growth slipped slightly into negative territory at about -0.01%. The latest reading shows that the summer leasing season has provided little lift to pricing and extended a multiyear stretch of stagnant rent growth. July was the weakest annual rent growth performance since Los Angeles began losing momentum in late 2025.