Glendale’s multifamily market is navigating a period of softer fundamentals, following several years of rising vacancy. The vacancy rate has climbed to 4.6%, driven in part by recent deliveries, including the 2025 completion of TENTEN Glendale, which pushed Class A vacancy to 6.9%. Net absorption was negative at –58 units, reflecting short-term demand friction. Still, Glendale continues to outperform the broader Los Angeles metro, where vacancy averages 5.7%. Rents remain competitive at $2,357 per month, aligning with overall Los Angeles averages. With limited construction underway and a measured development pipeline, elevated vacancy is expected to keep rent growth muted through 2026.

 

Key Highlights

• Vacancy Has Risen, but Remains Below Metro Levels: Glendale’s multifamily vacancy rate increased to 4.6% at year-end 2025, nearly double its 2021 low, largely due to recent new deliveries. However, vacancy continues to outperform the broader Los Angeles metro average of 5.7%, reflecting resilient demand.
• Rent Growth Has Cooled Sharply Amid Higher Vacancy: Average asking rents are approximately $2,357 per month, but annual rent growth has slowed to 0.4%, down from a peak of 6.1% in 2022. Elevated vacancy is expected to keep rent growth subdued through 2026.
• New Supply Remains Constrained, Supporting Long-Term Stability: Construction activity is modest, with only 108 units under construction. Measured development and a limited active pipeline should help the market rebalance as absorption improves.

 

Glendale Demographics

Source: CoStar Group, Inc.

• Unemployment Rate: 5.8%
• Current Population: 193,452
• Households: 75,647
• Median Household Income: $84K

 

 Rents

Across Glendale, rent performance has decreased. The metro recorded year-over-year rent growth of 0.4% at the end of 2025, which is a drop from prior peaks at 6.0%. Rent growth is expected to remain slow throughout 2026, with a recovery forecast for 2027. Glendale is also sought after for its affordable rents, which average around $2,357 per month. Class A properties note a monthly rent of $3,401, Class B at $2,477, and Class C at $1,845.

 

Market Asking Rent per Unit

Source: CoStar Group, Inc.

 

Vacancy

Glendale’s multifamily vacancy has trended upward over the past several years, reaching 4.6% at the end of 2025. This level is below the Los Angeles average of 5.7%. Recent new supply has been a key driver, most notably the delivery of TENTEN Glendale. The new addition pushed vacancy in Class A properties up roughly 500 basis points to 6.9%. In contrast, Class C assets, which comprise about three-quarters of the local inventory, remain comparatively tight at 4.3%. Limited construction should help stabilize vacancy as the market moves toward equilibrium.

 

Vacancy Rate

Source: CoStar Group, Inc.

 

Construction

Multifamily construction in Glendale remains slow, aiding near-term supply pressure. At the end of 2025, just 108 units were under construction, representing roughly 0.3% inventory growth upon completion. Recent development has been measured, with approximately 310 net new units delivered over the past three years. While the pipeline includes notable proposed projects, such as the 294-unit Lucia Park tower, the current level of active construction is modest by the metro’s standards. Glendale’s planning framework continues to attract developer interest, but restrained building activity should support gradual stabilization in vacancy and rents.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Glendale Sales Activity

Glendale’s multifamily sales gained further traction in 2025, building on the recovery that began in the second half of 2024. Sales volume reached $134 million in Q4 2025, underscoring renewed investor confidence. The metro has averaged 53 trades annually over the past five years, including 65 transactions in the past 12 months.

 

While deals continue to occur, highlighted by Pacific Urban Investors’ $76 million acquisition of the 208-unit Eleve Apartments, most transactions remain concentrated among private buyers at lower price points. This mix of institutional and private capital reflects both depth and liquidity in Glendale’s investment landscape.

 

Sales Volume & Market Sale Price per Unit

Source: CoStar Group, Inc.

 

By the Numbers

Q4 2025 | Source: CoStar Group, Inc.

• Sales Volume: $134M
• Cap Rate: 4.9%
• Price Per Unit: $376K
• Vacancy Rate: 4.6%
• Rent Growth: 0.4%
• Asking Rent Per Unit: $2,357
• Units Under Construction: 108
• Units Delivered: 51
• Units Absorbed: -58