Economic headwinds are buffeting even the tightest housing markets in the US: exhibit A is greater Los Angeles, where multifamily rents declined in the fourth quarter for the first time in two and a half years, despite an occupancy rate that held steady at more than 96% since the beginning of 2022.

The average monthly effective rent in Los Angeles in Q4 ticked down to $2,147 from the Q3 level of $2,154, according to Colliers’ Q4 market report. Rents in LA, which notched a 3.3% YOY increase compared to Q4 2021, remain about 9% above pre-pandemic levels.

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