DTLA Multifamily Occupancy Falls Nearly 10%

Nick Griffin

In the first quarter, the multifamily occupancy rate in Downtown Los Angeles fell significantly. According to the latest report from DCBID, the occupancy rate in the first quarter fell 9.2% to 84.7%. The decrease was the result of new apartment deliveries in the market, and therefore is likely temporary. The demand for rental units continues to exceed the supply in the market, and new apartment buildings are exceeding lease-up goals.

“This is totally a temporary spike,” Nick Griffin, executive director at the DCBID, tells GlobeSt.com. “There is a huge amount of new inventory all at one time, and this has happened in the past when new product comes to market. We had 2,300 new units deliver, and if you look at the absorption rate, the leasing offices feel like they are doing just fine. It takes a certain amount of time to absorb those units.”