Van Nuys, CA Multifamily Market Report Q2 2026

The Van Nuys multifamily market remained balanced in Q2 2026, although headline statistics mask an increasingly important divide between Pre-1978 (RSO) and Post-1978 (Non-RSO) apartment buildings. These segments are effectively operating as two distinct markets, with newer Non-RSO properties more directly exposed to recent apartment deliveries and increased competition for tenants, while the older RSO inventory remains influenced by a different set of rent, occupancy, and investment dynamics. Overall vacancy held at 4.3%, remaining below the Los Angeles metro average despite a more competitive leasing environment. During the quarter, 117 units were delivered while net absorption totaled 57 units, reflecting a market where new supply continues to outpace demand. Average asking rents measured $1,855 per unit, while annual rent growth declined 0.2% as landlords faced greater competition for tenants. Construction remained active with 516 units underway, while 16 sales closed during the quarter at an average cap rate of 5.2%.

 

Rents

Average asking rents in the Van Nuys multifamily market reached $1,840 per month in Q2 2026, while annual rent growth measured -0.2%. Rents have remained relatively stable despite recent supply additions and increased competition for tenants. Market-wide averages, however, mask meaningful differences between Pre-1978 RSO and Post-1978 Non-RSO properties, making vintage-level analysis increasingly important.

 

Market Asking Rent Per Unit

Source: CoStar Group, Inc

 

Vacancy

Vacancy in the Van Nuys multifamily market measured 4.3% in Q2 2026, as new apartment deliveries expanded available inventory. Vacancy has increased gradually since 2023 as supply growth has outpaced absorption, creating a more competitive leasing environment. Even so, the submarket continues to outperform the broader Los Angeles market, with vacancy remaining below the metro average. As additional units are absorbed, market fundamentals remain supported by steady renter demand and the area’s relative affordability.

 

Vacancy Rate

Source: CoStar Group, Inc

 

Construction

Construction activity remained active in Q2 2026, with 516 units under construction across the Van Nuys multifamily market. New multifamily projects continue to add inventory in transit-oriented locations throughout the submarket. Much of the recent development has been concentrated along the Metro G Line corridor, where transit oriented Community incentives have supported higher-density residential construction.

 

Unit Under Construction

Source: CoStar Group, Inc

 

Sales

Sales volume in the Van Nuys multifamily market increased in Q2 2026, reaching approximately $83.7 million after a more moderate pace of activity over the previous several quarters. Transaction volume was supported by continued demand for well-located multifamily assets and improving liquidity as bid-ask spreads narrowed. Although higher vacancy and declining rent growth have led buyers to remain disciplined, investor interest has persisted in the submarket’s established apartment inventory. Average cap rates measured approximately 5.2% in Q2 2026, reflecting stable pricing in a more balanced capital markets environment.

 

Sales Volume

Source: CoStar Group, Inc

 

Pre-1978 (RSO)

Q2 2026 | Source: CoStar Group, Inc.

Average Price per Unit : $184,783

Average Sale Price : $5,383,360

Cap Rate : 5.6%

GRM : 10.7

Vacancy Rate : 3.9% 

 

Post-1978 (Non-RSO)

Q2 2026 | Source: CoStar Group, Inc.

Average Price per Unit : $277,568

Average Sale Price : $3,555,984

Cap Rate : 5.4%

GRM : 11.2

Vacancy Rate :3.8%