Fewer deals are clearing. The good ones cost more.

Fewer deals, higher prices

County sales data shows 133 City of LA multifamily transactions (5+ units) since June 2026, totaling roughly $360M in volume at a $190K median price per unit. Pace has cooled from June to July — transactions down 10% and volume down 43% — while $/unit actually rose 12%, a sign that smaller, higher-quality deals are clearing while marginal ones sit.

Rates hold near 6.5%, and a maturity wall looms

Multifamily loan rates are sitting around 6.7% on 5-year terms, 6.55% on 7-year, and 6.4% on 10-year — with shorter terms priced at a premium, which is slowing buyer activity at the margin.

Nationally, more than $160B in multifamily loans mature in 2026, up 50% year-over-year. One client recently chose to sell rather than refinance after facing a roughly $1M cash-in requirement to hit today's underwriting — a scenario playing out across the county as legacy low-rate debt comes due.

A sluggish rental market meets El Niño capex

Local rent control, a soft local economy, and new construction supply are combining to keep LA's rental market sluggish. Layer on El Niño-driven capital costs — roof resealing running several thousand dollars, full replacement into the high five figures, plus drainage and waterproofing work — and NOI is getting squeezed from both directions with little near-term ROI on the capex.

LA City Council splits its Housing Committee

The LA City Council has split its Housing and Homelessness Committee. Nithya Raman was removed; Imelda Padilla now chairs Housing, and Ysabel Jurado leads Homelessness.

This is a welcome change — Padilla has shown she's willing to meet with property owners directly, which was not the experience under Raman or several other council members. Worth watching how the committee's posture toward owners shifts under her chairmanship.

ZIP-by-ZIP across the county

This cycle's ZIP-level view spans the county's major multifamily submarkets: