Apartment Market Trends
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Few Los Angeles sub-markets have sufficient apartment construction to meet projected needs. For example, in the Temecula/Murrieta sub-market, there is virtually no apartment construction, the vacancy rate is 2% and there are waiting lists for apartments. A list of sub-markets with expected or existing apartment construction projects:
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Avg. vacancy Proj. Units to be rate as of annual completed 2nd-qtr. net gain, Sub-market in 1998 1998 in units East Los Angeles 27 7.0% 222 Mid-Wilshire 38 5.3 75 Hollywood 35 5.5 122 West Hollywood 45 4.8 53 Westside 1,050 4.0 802 West San Gabriel Valley 36 6.0 788 Moreno Valley 72 9.0 501 Riverside 120 5.0 731 Northeast San Fernando Valley 275 7.9 769 West San Fernando Valley 278 7.2 943 Van Nuys/North Hollywood 149 8.1 889 Ventura Boulevard corridor 198 3.5 411 John Wayne Airport/Irvine area 462 3.9 651 Coastal cities 119 3.5 529 South Orange County 3,000 4.0 1,178
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Source: Equifax, FW Dodge, Marcus & Millichap Research Services
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