Los Angeles Apartment Vacancy Rises Further in First Half of 2023

Apartment market conditions in Los Angeles slackened during the first half of 2023. Since the end of 2022, the average vacancy is up 60 basis points to 4.9%. Net absorption, the difference between move-ins versus move-outs, was essentially flat, with a net of only 24 units absorbed during the first two quarters, well below the record level of activity seen in the first half of 2021, but more than what was witnessed in the first half of 2022.