Mid-Wilshire’s multifamily market is stabilizing as vacancy edges down to 6.3%, though it remains above the metro average due to softer demand, with only 150 units absorbed versus a typical 390 annually. Rents remain among the highest in Greater L.A. at $2,789/month, yet the submarket recorded -1.72% annual rent losses, underperforming the flat marketwide trend. Development remains active, with 790 units underway, a 2% inventory expansion led by large mixed-use projects near The Grove. Sales volume reached $275 million over the past year, below historical norms, as higher debt costs and transfer taxes slowed activity. Pricing has reset to an average $428K per unit, roughly 20% below the 2022 peak but showing signs of stabilization.

 

Key Findings

• Vacancy in Mid-Wilshire declined slightly to 6.3%, above the metro average of 5.6%. Limited renter demand and historically higher vacancy reflect the submarket’s high price point and affordability constraints.
• Average asking rents are $2,789/month, roughly 20% above the Greater L.A. average. Over the past year, rents fell -1.72%, underperforming the flat metro trend, while Class B apartments remained nearly stable with minimal losses.
• The submarket has 796 units under construction, expanding inventory by 2%. Sales totaled $275 million over the past year, below historical averages, as prices reset to $420,000/unit, down 20% from 2022 peaks.

 

Sales

Mid-Wilshire recorded $275 million in multifamily sales over the past year, well below the submarket’s 10-year annual average of $496 million. Q3 contributed $67.7 million, as elevated debt costs and Los Angeles’ 2023 transfer tax continued to suppress transaction volume. Property values have reset following declines that began in late 2022, with the average $428,000 per unit now roughly 20% below peak pricing but showing signs of stabilization. Notable trades include the Seminole Tribe of Florida’s purchase of Vinz on Fairfax for $68.4 million and Brasa Capital Management’s acquisition of Estelle for $41.5 million, both reflecting market repricing and continued investor selectivity.

 

Sales Volume & Price Per Unit

Source: CoStar Group, Inc.

 

 Construction

Mid-Wilshire has 793 units under construction, a 2% inventory expansion that outpaces the metro’s 1.7% growth. The largest project, Bloom on Third, will deliver 331 units and significant retail space near The Grove, while Wiseman Development is adding 125 units along Pico Blvd. Over the past five years, the submarket added 2,100 units, expanding inventory by 5.7%, with luxury 4 & 5 Star projects making up more than 80% of deliveries. In the past year, 56 units were completed, including CIM Group’s 68-unit 701 Hudson in Hancock Park, which converted office space into new residential units.

 

Under Construction (SF)

Source: CoStar Group, Inc.

 

By the Numbers

Q3 2025 | Source: CoStar Group, Inc.

• Sales Volume: $67.7M
• Average Sale Price Per Unit: $428K
• Cap Rate: 4.9%
• Vacancy Rate: 6.3%
• Rent Growth: 0%
• Average Market Asking Rent Per Unit: $2,789
• Units Under Construction: 793
• Units Delivered: 38
• Units Absorbed: (37)