Glendale, CA Multifamily Market Report H1 2026

The Glendale multifamily market in the first half of 2026 remains stable, with $92.6 million in sales volume across 35 transactions and an average cap rate of 5.5%. Limited new construction and a 4.4% vacancy rate have helped balance softer leasing activity, while average asking rents reached $2,397 per unit with modest annual growth. Investor demand is steady, supported by strong long-term fundamentals and a constrained development pipeline, even as rent growth slows and concessions become more common in luxury properties.

Highlights

• Limited new supply has helped offset softer leasing activity and preserve balanced market fundamentals.
• Throughout H1 2026, Glendale recorded 35 multifamily transactions of 5+ units, highlighting resilient buyer demand, despite elevated borrowing costs.
• Investor interest is supported by the market’s strong, long-term fundamentals, constrained development pipeline, and favorable position within the broader Los Angeles market.

 

Los Angeles Demographics

Source: Oxford Economics

• Unemployment Rate: 4.2%
• Current Population: 309,692
• Household: 117,825
• Median Household Income: $69,929

 

Job Growth in Los Angeles

Source: Oxford Economics

 

Glendale Multifamily Rents, Vacancy, & Construction

Rents

Average asking rents reached $2,397 per unit, representing 0.8% annual growth through the first half of 2026. Rent appreciation has continued to normalize as affordability pressures and increased availability have tempered landlords’ pricing power. Concessions have become more common among larger luxury communities, reflecting increased competition for renters. However, the broader market continues to benefit from healthy underlying demand, allowing most owners to maintain stable rent levels despite a slower growth environment.

 

Market Asking Rent Per Unit

Source: CoStar Group, Inc.

 

Vacancy

Vacancy measured 4.4% at mid-year 2026 as the market recorded 53 units of negative absorption during the first half of the year. Leasing conditions have become more balanced following the rapid demand experienced between 2021 and 2023. Much of the vacancy remains concentrated within newer institutional-quality communities. Many Class A properties have responded by offering modest concessions to maintain occupancy, while privately owned Class B and Class C assets continue to experience relatively stable occupancy and consistent renter demand.

 

Vacancy Rate

Source: CoStar Group, Inc.

 

Construction

Development activity remains limited, with 108 units currently under construction and no new deliveries recorded during the first half of 2026. The lack of new completions has helped prevent additional supply pressure despite softer leasing conditions. Glendale’s constrained development pipeline continues to support long-term market fundamentals. At the same time, the city’s relatively streamlined entitlement process continues to attract selective development that aligns with future housing demand.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Glendale Multifamily Sales

Investment activity remained healthy during the first half of 2026, totaling $92.6 million in sales volume. Assets traded at an average 5.5% cap rate and $299,500 per unit. Despite elevated borrowing costs, investor demand for well-located apartment assets remains resilient. Buyers continue pursuing opportunities where pricing and market fundamentals align. Newer properties continue to command pricing premiums because of their modern amenities, lower anticipated capital expenditures, and greater operational flexibility. Meanwhile, older assets remain attractive value-add investments for buyers seeking renovation potential and long-term appreciation. Overall, pricing appears to be stabilizing as buyers and sellers become increasingly aligned on market expectations.

 

Sales Volume & Price Per SF

Source: CoStar Group, Inc.

 

By the Numbers

H1 2026 | Source: CoStar Group, Inc.

• Sales Volume: $92.6M
• Cap Rate: 5.5%
• Price Per Unit: $299.5K
• Vacancy Rate: 4.4%
• Rent Growth: 0.8%
• Asking Rent Per Unit: $2,397
• Units Under Construction: 108
• Units Delivered: –
• Units Absorbed: -53