Metro / City Sample Report Abilene Akron Albany Albany Albany-Lebanon Albuquerque Alexandria Allentown Amarillo Ames An Ann Arbor Appleton-Oshkosh Asheville Athens Atlanta Atlantic-Cape May Auburn Augusta Austin B Baltimore Baton Rouge Beaumont Bellingham Bend Biloxi-Gulfport Binghamton Birmingham Blacks Bloomington Boise Boston Boulder Bowling Green Bremerton-Silverdale Brooklyn Brownsville-Harli Buffalo Canton Carmel/Monterey Carson City Cedar Rapids Central New Jersey Champaign Charlest Charleston Charlotte Charlottesville Chattanooga Chicago Chico Cincinnati Clarksville Cleveland Co Station-Bryan Colorado Springs Columbia Columbus Columbusof Corpus Christi Dallas Dalto To run a report onColumbia a property or market Davenport-Moline Dayton Daytona Beach Decatur Denver Des Moines Detroit District of Columbia D interest to you, simply click on the, “Subscribe Duluth Dutchess El Centro El Paso Elkhart Erie Eugene Evansville Fairfield County Fargo Fayetteville Now”Fort orCollins “StartFort a FREE Trial” button below! Flagstaff Flint Florence Lauderdale Fort Myers Fort Pierce Fort Smith Fort Walton B Wayne Fort Worth Fresno Gainesville Gainesville Gary-Hammond Grand Rapids Greeley Green Bay Greensboro/Winston-Salem Greenville Greenville Hagerstown Hanford-Corcoran Harrisburg Hartfor Subscribe Now Start a FREE Trial Hattiesburg Hickory-Morganton Honolulu Houma Houston Huntington Huntsville Indianapolis Iowa Jackson Jackson Jackson Jacksonville Jacksonville Janesville Johnson City Kalamazoo Kansas City Kennewick-Richland-Pasco Killeen-Fort Hood Knoxville Kokomo La Crosse Lafayette Lafayette Lake Lakeland Lancaster Lansing Laredo Las Cruces Las Vegas Lawrence Lawton Lexington Lincoln Little Island Longview Los Angeles Louisville Lubbock Lynchburg Macon Madison Manchester-Nashua Ma McAllen Medford/Klamath Falls Melbourne Memphis Merced Miami Milwaukee Minneapolis Mobile Monroe Montgomery Muncie Myrtle Beach Naples Nashville New Haven New Orleans New York Norfolk/Hampton Roads Northern New Jersey Oakland-East Bay Ocala Odessa-Midland Oklahoma C Omaha Orange County Orlando Palm Beach Panama City Pensacola Peoria Philadelphia Phoenix Pit Portland Portland Portsmouth Providence Provo-Orem Pueblo Queens Raleigh-Durham Rapid City R Redding Reno Richmond Roanoke Rochester Rochester Rockford Rocky Mount Sacramento Saginaw This is a Free Sample Report We’re more than just reports Having a ReisReports membership means not only that you will have access to the most reliable reports available, but also that you have an entire suite of tools and market commentary at your disposal. Market Narratives Exclusive Videos Email Alerts Throughout each quarter, you’ll Generate a comprehensive You don’t have to check in receive written analyses on list of all planned, proposed constantly with ReisReports your markets of interest, and under construction to monitor whether market covering supply and demand projects in our area at fundamentals have changed. trends, updates on the economy, the touch of a button. When our data is updated for the latest property sales, and your market, we’ll let you know important updates to the new in an email. construction pipeline. Reis, Inc. 530 Fifth Avenue, 5th Floor, New York, NY 10036. Questions? Call 1-855-855-7347 Los Angeles, CA Apartment Powered by Reis, inc. Metro Analysis Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 1 - Executive Briefing on Metro Conditions Average Asking Rent $1,480 Average Vacancy Rate 3.2% ● Up 0.6% from Q2 2013. ● No change since Q2 2013. ● Expected to finish 2013 at $1,488. ● Among the 20 lowest vacancies nationally. ● Expected to finish 2013 at 3.1%. Market Overview A comprehensive examination of the Los Angeles apartment market shows that the largest concentrations of speculative apartment space are located in the Hollywood/Silver Lake submarket, representing 52,465 units and 6.8% of the metropolitan inventory, followed by Wilshire/Westlake, with a 5.9% share, and Sherman Oaks/Studio City/North Hollywood (5.8%). Since Q3 2003, the fastest growing area has been the Downtown submarket, adding 5,791 units over that period, or 17.7% of total metropolitan apartment completions. Asking and Effective Rent Asking rents in California's most populous city climbed by 0.6% during the third quarter of 2013 to an average of $1,480. In fact, in each of the past four quarters, asking rents have risen, for a cumulative total of 2.2%. Effective rents, which exclude the value of concessions offered to prospective tenants, rose by 0.7% during the third quarter to an average of $1,445. Although the majority of the Los Angeles MSA's thirty-seven apartment submarkets contributed to the metro's recent rent growth, it is useful to point out that the 2.2% asking rent growth rate of the past four quarters compares unfavorably to the metro's long term performance. Since Q3 2003, the metro as a whole has recorded an annual average increase of 2.6%. Competitive Inventory, Household Formations, Absorption Net new third quarter household formations in the Los Angeles MSA were 6,750. Demand attributable in part to this pace of household formations contributed to the absorption of 619 units, while new development added 191 units to the metro inventory; the net effect of absorption and construction dynamics caused the vacancy rate to remained unchanged. Over the last four quarters, apartment absorption totaled 5,226 units, nearly double the average annual absorption rate in the market of 2,852 units recorded since Q3 2003. From an historical perspective, the market's third quarter vacancy rate is 0.7 percentage points lower than the 3.9% average recorded since Q3 2003. Page 2 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 2 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Low 25% Mean Median 75% High Low 25% Mean Median 75% High Before 1970 $1,368 $792 $1,111 $1,490 $1,424 $1,828 $2,934 - 5.0% - 0.5% 0.8% 0.6% 2.1% 8.1% 1970-1979 $1,323 1980-1989 $1,398 1990-1999 $1,620 $2,206 After 2009 $2,363 All $1,490 As of November 30, 2013 659 873 680 Number of Properties 2000-2009 Number of Properties Rent Year Built 495 261 148 103 47 78 Under $1,061 $1,329 $1,597 $1,865 $2,133 $2,401 $2,669 $1,060 $1,328 $1,596 $1,864 $2,132 $2,400 $2,668 Over 452 452 200 75 Under - 4.8% - 3.2% - 1.6% 0.0% - 4.9% - 3.3% - 1.7% - 0.1% 1.5% 803 170 168 3.2% 4.7% 4.8% Over 76 Negative Growth As of November 30, 2013 1.6% 3.1% Positive Growth1663 90 days ending November 30, 2013 Section 3 - Rent Growth Comparisons Asking Rent Growth Los Angeles West United States Period Ending: Metro Ranking Quarterly Annualized 3Q13 2Q13 3 Year 5 Year 3Q13 2Q13 0.6% 1.1% 1.0% 0.5% 0.8% 0.7% 1.4% 2.0% 2.3% 0.5% 0.9% 1.4% N/A N/A 15 15 YTD Avg 1 Year 0.5% 0.8% 0.7% 3.3% 3.3% 3.1% 09/30/13 06/30/13 09/30/13 12/31/12 12/31/12 12/31/12 59 58 09/30/13 06/30/13 * of 19 regional metros ** of 82 U.S. metros Monthly Asking Rent Growth Rate Trends 0.4% 0.3% 0.2% 0.1% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Los Angeles 0.3% 0.4% 0.2% 0.3% 0.3% 0.1% 0.3% 0.3% 0.3% 0.2% 0.4% 0.1% 0.2% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% West 0.3% 0.2% 0.2% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.1% 0.2% 0.2% 0.2% 0.3% 0.4% 0.4% 0.3% 0.4% 0.3% United States 0.3% 0.1% 0.2% 0.3% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.1% 0.2% 0.1% 0.2% 0.2% 0.2% 0.3% 0.3% 0.4% 0.2% 0.3% 0.2% 2012 Los Angeles 2013 West US As of November 30, 2013 Page 3 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 4 - Current Metro Vacancy Details Vacancy Rate By Age Vacancy Rate Distribution Vac. Rate Low 25% Mean Median 75% High Before 1970 2.7% 0.0% 1.3% 3.2% 2.5% 4.3% 13.0% 1970-1979 2.8% 1980-1989 3.5% 1990-1999 3.4% 2000-2009 3.8% After 2009 14.6% All 3.2% 918 Number of Properties Year Built As of November 30, 2013 676 428 207 81 Under 1.7% 1.6% 3.2% 3.3% 4.8% 4.9% 6.4% 62 6.5% 8.0% 24 75 8.1% 9.7% 11.3% 9.6% 11.2% Over As of November 30, 2013 Section 5 - Vacancy Rate Comparisons Vacancy Rates Quarterly Los Angeles West United States Period Ending: 3Q13 2Q13 3.2% 3.6% 4.2% 3.2% 3.7% 4.3% Metro Ranking Annualized YTD Avg 1 Year 3.2% 3.6% 4.3% 3 Year 5 Year 3Q13 2Q13 4.3% 5.3% 6.1% 4.2% 5.3% 6.1% N/A N/A 3.6% 4.2% 4.9% 09/30/13 06/30/13 09/30/13 12/31/12 12/31/12 12/31/12 8 8 20 18 09/30/13 06/30/13 * of 19 regional metros ** of 82 U.S. metros Monthly Metro Vacancy Rate Trends 5.0% 4.5% 4.0% 3.5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Los Angeles 3.8% 3.8% 3.7% 3.6% 3.6% 3.6% 3.6% 3.5% 3.5% 3.5% 3.4% 3.3% 3.2% 3.2% 3.2% 3.2% 3.3% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% West 4.3% 4.3% 4.2% 4.2% 4.2% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 3.9% 3.8% 3.8% 3.7% 3.7% 3.7% 3.7% 3.7% 3.7% 3.6% 3.6% 3.6% United States 5.1% 5.1% 5.0% 4.9% 4.9% 4.8% 4.8% 4.8% 4.7% 4.8% 4.7% 4.6% 4.5% 4.5% 4.4% 4.3% 4.3% 4.3% 4.3% 4.3% 4.2% 4.3% 4.2% 2012 Los Angeles 2013 West US As of November 30, 2013 Page 4 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 6 - Metro Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth November Quarterly Annualized Rent Avg. SF Avg. Rent PSF 3Q13 2Q13 YTD 1 Year 3 Year Studio/Efficiency $1,030 527 $ 1.95 0.6% - 0.3% 1.5% 3.3% 1.5% 0.0% One Bedroom $1,343 739 $ 1.82 0.3% 0.2% 1.8% 3.5% 1.4% 0.3% Two Bedroom $1,745 1056 $ 1.65 0.9% 0.9% 2.7% 3.0% 1.2% 0.5% Three Bedroom $2,182 1316 $ 1.66 - 0.1% - 0.1% 0.2% 5.2% 2.2% 1.4% 09/30/13 06/30/13 09/30/13 12/31/12 12/31/12 12/31/12 Average over period ending: Asking Rent Comparisons 5 Year Asking Rent Per SF $2.00 $2,000 $1.50 $1,500 $1,000 $1.00 $500 $0.50 $0 $0.00 Studio Los Angeles 1 BR 2 BR 3 BR West Studio Los Angeles US 1 BR 2 BR US As of November 30, 2013 Studio 1 BR 2 BR 3 BR Los Angeles $1,030 $1,343 $1,745 $2,182 West $1,085 $1,238 $1,497 United States $1,130 3 BR West As of November 30, 2013 Studio 1 BR 2 BR 3 BR Los Angeles $ 1.95 $ 1.82 $ 1.65 $ 1.66 $1,709 West $ 2.02 $ 1.62 $ 1.40 $ 1.28 $1,124 $1,332 $1,534 As of November 30, 2013 United States $ 2.05 $ 1.41 $ 1.19 $ 1.08 As of November 30, 2013 Section 7 - Metro Unit Mix Inventory Details Metro Unit Mix 3.0% Average Unit Size (SF) 1,500 12.2% 1,000 39.9% 500 45.0% Studios 1 BR 2 BR 3 BR + As of November 30, 2013 0 Studio Los Angeles 1 BR 2 BR West 3 BR US As of November 30, 2013 Page 5 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 8 - Metro Inventory Details Inventory By Building Age Year Built Percent Before 1970 30.0% 1970-1979 24.0% 1980-1989 23.0% 1990-1999 6.0% 2000-2009 13.0% After 2009 5.0% All Apartment Stock Traits Year Built Size (units) Distance to Highway (miles) Distance to CBD (miles) Distance to Landmark (miles) Metro Mean Median 1977 1975 100 61 0.7 0.5 12.6 11.9 11.2 11.4 Low 1929 21 0.1 1.7 0.7 High 2013 4,200 2.6 29.7 25.8 As of November 30, 2013 Landmark =Coast 100.0% As of November 30, 2013 Average Metro Lease Terms Free Rent (mos) Expenses % (Apartment) 0.29 38.3% As of November 30, 2013 Section 9 - Inventory Growth Comparisons Inventory Growth Rates Los Angeles West United States Period Ending: Metro Ranking Quarterly Annualized 3Q13 2Q13 3 Year 5 Year 3Q13 2Q13 0.0% 0.3% 0.4% 0.2% 0.3% 0.3% 0.3% 0.6% 0.7% 0.4% 0.7% 1.0% N/A N/A 12 10 YTD Avg 1 Year 0.1% 0.2% 0.3% 0.2% 0.6% 0.8% 09/30/13 06/30/13 09/30/13 12/31/12 12/31/12 12/31/12 57 40 09/30/13 06/30/13 * of 19 regional metros ** of 82 U.S. metros Metro Inventory Growth Rate Trends % 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 2Q11 3Q11 4Q11 Los Angeles 1Q12 2Q12 West 3Q12 4Q12 1Q13 2Q13 3Q13 US As of November 30, 2013 Page 6 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 10 - Construction/Absorption Change Construction and Absorption Most Recent Three Months Quarterly September - November Units Built Units Absorbed Los Angeles West 836 7,332 Period ending: 11/30/13 3Q13 2Q13 Units Built Units Absorbed 1,013 9,774 191 7,184 11/30/13 09/30/13 YTD Avg Units Built Units Absorbed Units Built Units Absorbed 619 9,443 1,750 8,840 1,526 9,601 782 7,019 1,074 10,072 09/30/13 06/30/13 06/30/13 09/30/13 09/30/13 Annualized 1 Year History 3 Year History Con/Abs Ratio Los Angeles West 1,584 17,407 6,453 33,560 Average over period ending: 12/31/12 12/31/12 5 Year History Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio 0.2 0.5 2,482 17,281 7,399 46,649 0.3 0.4 2,971 22,348 3,315 25,527 0.9 0.9 12/31/12 12/31/12 12/31/12 12/31/12 12/31/12 12/31/12 12/31/12 Number of Units Construction/Absorption and Vacancy 1,500 4 1,000 3 500 2 0 1 Vacancy Rate (%) Units Built Units Absorbed 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2012 Jul Aug Sep Oct Nov 2013 Vacancy Rate Construction Absorption As of November 30, 2013 Page 7 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 11 - Economic and Demographic Trends Percentage Change Los Angeles Economic/Demographic Trends 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 2008 2009 2010 Total Employment Households 2011 Avg HH Income 2012 Population Provided by Moody's Economy.com, Period ending 12/31/12 Percentage Change Total Employment Growth Trends Metro vs. Region & U.S. 2.0% 0.0% -2.0% -4.0% -6.0% 2008 2009 2010 Los Angeles West 2011 2012 US Provided by Moody's Economy.com, Period ending 12/31/12 Percentage Change Los Angeles Population/Household Growth Trends 0.90% 0.80% 0.70% 0.60% 0.50% 2008 2009 2010 Population 2011 2012 Households Provided by Moody's Economy.com, Period ending 12/31/12 Page 8 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro Analysis (Monthly Data) Prepared by Jim Stein (312-555-1212) Apartment - November, 2013 Powered by ReisReports. Clearly Objective. Metro: Los Angeles Section 12 - Metro Area Map: Los Angeles Los Angeles Submarkets 1 Chatsworth/Canoga Park 2 Granada Hills/Northridge/Reseda 3 Panorama Hills/San Fernando/Pacoima 4 Woodland Hills/Tarzana/101 West 5 Van Nuys/North Hollywood 6 Sherman Oaks/Studio City/N Hollywood 7 Burbank/North Glendale 8 Tujunga/La Crescenta/Montrose 9 Santa Clarita Valley/Canyon Country 10 Palmdale/Lancaster 11 Pasadena 12 South Glendale/Highland Park 13 Downtown 14 Hollywood/Silver Lake 15 Wilshire/Westlake 16 Beverly Hills/W Hollywood/Park La Brea 17 West LA/Westwood/Brentwood 18 Mar Vista/Palms/Culver City 19 Santa Monica 20 Marina Del Rey/Venice/Westchester 21 Mid-City/West Adams/Pico Heights 22 Inglewood/Crenshaw 23 South/Central LA 24 Hawthorne/North Torrance 25 El Segundo/Hermosa Beach/Redondo Beach 26 West Torrance/Ranchos Palos Verdes 27 Carson/San Pedro/E Torrance/Lomita 28 West Long Beach/Signal Hill 29 East Long Beach/Los Altos 30 N Long Beach/Lakewood/Artesia 31 Paramount/Downey/Bellflower/Norwalk 32 Whittier 33 East LA/Alhambra/Montebello/Pico Rivera 34 Arcadia/Duarte/El Monte 35 Azusa/Covina/Glendora 36 Claremont/Pomona/La Verne 37 West Covina/La Puente/Rowland Heights Click here for a glossary of terms, or go to https://www.reisreports.com/ReisSEGlossary.pdf Page 9 Copyright 2014 Reis Services, LLC This report has been generated for the exclusive use of Justin Peterson of Reis The use, distribution and display of this report and any of the information contained herein are subject to the Terms and Conditions at ReisReports.com. Metro / City Sample Report Abilene Akron Albany Albany Albany-Lebanon Albuquerque Alexandria Allentown Amarillo Ames An Ann Arbor Appleton-Oshkosh Asheville Athens Atlanta Atlantic-Cape May Auburn Augusta Austin Ba Baltimore Baton Rouge Beaumont Bellingham Bend Biloxi-Gulfport Binghamton Birmingham Blacks Bloomington Boise Boston Boulder Bowling Green Bremerton-Silverdale Brooklyn Brownsville-Harli Buffalo Canton Carmel/Monterey Carson City Cedar Rapids Central New Jersey Champaign Charlest Charleston Charlotte Charlottesville Chattanooga Chicago Chico Cincinnati Clarksville Cleveland Col Station-Bryan Colorado Springs Columbia Columbus Columbusof Corpus Christi Dallas Dalto To run a report onColumbia a property or market Davenport-Moline Dayton Daytona Beach Decatur Denver Des Moines Detroit District of Columbia D interest to you, simply click on the, “Subscribe Duluth Dutchess El Centro El Paso Elkhart Erie Eugene Evansville Fairfield County Fargo Fayetteville Now”Fort orCollins “StartFort a FREE Trial” button below! Flagstaff Flint Florence Lauderdale Fort Myers Fort Pierce Fort Smith Fort Walton Be Wayne Fort Worth Fresno Gainesville Gainesville Gary-Hammond Grand Rapids Greeley Green Bay Greensboro/Winston-Salem Greenville Greenville Hagerstown Hanford-Corcoran Harrisburg Hartfor Subscribe Now Start a FREE Trial Hattiesburg Hickory-Morganton Honolulu Houma Houston Huntington Huntsville Indianapolis Iowa Jackson Jackson Jackson Jacksonville Jacksonville Janesville Johnson City Kalamazoo Kansas City Kennewick-Richland-Pasco Killeen-Fort Hood Knoxville Kokomo La Crosse Lafayette Lafayette Lake Lakeland Lancaster Lansing Laredo Las Cruces Las Vegas Lawrence Lawton Lexington Lincoln Littlea This is a Free Sample Report We’re more than just reports Having a ReisReports membership means not only that you will have access to the most reliable reports available, but also that you have an entire suite of tools and market commentary at your disposal. Market Narratives Exclusive Videos Email Alerts Throughout each quarter, you’ll Generate a comprehensive You don’t have to check in receive written analyses on list of all planned, proposed constantly with ReisReports your markets of interest, and under construction to monitor whether market covering supply and demand projects in our area at fundamentals have changed. trends, updates on the economy, the touch of a button. When our data is updated for the latest property sales, and your market, we’ll let you know important updates to the new in an email. construction pipeline. Reis, Inc. 530 Fifth Avenue, 5th Floor, New York, NY 10036. Questions? Call 1-855-855-7347
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