Dana S. Brody Dana S. Brody

Single-family housing prices have increased 42% in the last decade to a median home price of $674,600 in Los Angeles, according to recent research from JLL. The increase in home costs—which is even more dramatic in some submarkets—has left many millennials unable to purchase a home and pushed the homeownership rate in Los Angeles down to 51.9%. As a result, there is increased demand for multifamily housing options, pushing vacancy rates for apartments down to a historic low of 4.5%. We sat down with Dana Brody, SVP of capital markets at JLL, to talk about the rapid rise in single-family housing costs and how the for-sale market is impacting multifamily rentals.