Multifamily Starts Plummet in West Coast Markets

Multifamily starts have declined sharply across the West Coast’s major apartment markets in recent years. Just 20,000 market-rate units started in the year-ending 2nd quarter across the West Coast, which was the lowest number the region has seen since 2011. In big West Coast markets like Los Angeles, Seatle, San Diego, Orange County and San Jose, starts sit at their lowest point since 2011. In Portland, fewer units started in the past year than the market has seen since 2010. Starts activity was the most prominent in Los Angeles, with about 4,200 starts in the year-ending 2nd quarter. Seattle saw less than 4,000 units kick off in the past year. San Diego rounded out the top three along the West Coast, with starts of a little more than 2,000 units in the past four quarters.

For more information on the state of West Coast apartment markets, including forecasts, watch the webcast Market Intelligence: Q3 California/Pacific Northwest Update.