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Category: Apartments, Multifamily Tags: Apartment, california, market report, Multifamily, Tri-Cities

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A large concentration of major media companies reside in the Tri-Cities submarket and are the cornerstone of the economy. In normal economic times, employees of these media companies help drive apartment demand. That, coupled with significant supply constraints and healthy occupancy levels, are the pinnacle of multifamily market health. Once a hotspot for multifamily construction, a limited new supply has been added over the past decade. However, that is set to change, with 750 units underway in Pasadena and several other sizable proposals progressing. Average rents in the Tri-Cities trended downward through much of 2020 but have resumed growth and are now above pre-pandemic rates. Average rents are slightly above the broader Los Angeles average. The Tri-Cities submarket is a difficult market to buy into as demand far exceeds supply. The pandemic has constricted supply further, particularly in Pasadena and Burbank. Overall deal activity remains limited, but the average unit pricing has nearly doubled over the past decade.

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