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Photo credit: Courtesy of Avanath Capital Management
Castelar Apartments In La, Which Avanath Acquired In July 2014
More than 10,000 new apartments were built in LA County between July of last year and June of this year, marking a 61% increase over the same time period a year ago, according to a new Marcus & Millichap report.
It was the highest number of apartments constructed over the five-year period studied in the report, Curbed Los Angeles reports.
All of the new construction in LA County is adding up to 27,358 new apartments in the pipeline.
The local vacancy rate is approximately 3.3%. The report indicates the increasing demand for apartments will cause rents to go up at twice the rate of inflation.
More than half of the 10,649 apartments built in the past year are near DTLA while 1,510 were built in San Fernando Valley and 1,755 in the South Bay.
