Apartment rents in greater Los Angeles are continuing to rebound, with the average monthly effective rent hitting $2,220 in the second quarter.
The increase over the Q1 average of $2,207 marked the second consecutive quarter of modest rent growth following a decline in multifamily rates during Q4 2023.
The average effective rate has grown 11.5% since dipping below $2,000 in Q2 2020 when occupancy plunged during the pandemic. However, only 0.7% of that increase has been notched since Q2 2023, according to Colliers' latest market report.
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