Multifamily Sales Strong
Multifamily sales were strong during the first quarter of the year, hitting $3.6 billion in the greater L.A. area, according to data from brokerage CBRE Group Inc. For the four quarters ending with the first quarter of 2022, that’s a 123% increase over the same time period of the previous year. The $3.6 billion in transaction volume seen during the first quarter, despite being an increase from the previous year, is a decrease from previous quarters: sales hit $7.7 billion in the greater L.A. area in the fourth quarter of last year and $4.5 billion the quarter before, according to CBRE. Areas One reason for interest in multifamily properties is the rent growth seen across L.A. During the first quarter, the average rental rate was $2,626.79 per unit, up 13.9% in a year, according to CBRE.
