10% Drop In Multifamily Occupancy

Result Is Most Likely Temporary, As Demand For Rental Units Continues To Exceed.

Globe st DTLA

Original Article By Kelsi Maree Borland For Globe St.

In the first quarter, the multifamily occupancy rate in Downtown Los Angeles fell significantly. According to the latest report from DCBID, the occupancy rate in the first quarter fell 9.2% to 84.7%. The decrease was the result of new apartment deliveries in the market, and therefore is likely temporary. The demand for rental units continues to exceed the supply in the market, and new apartment buildings are exceeding lease-up goals.