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4/15/26
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By J.C. Casillas, Managing Director of Research at NAI Capital Commercial
Sale prices are compressing across Southern California while asking rents remain largely intact. Rents are holding steady while sale prices pull back across Los Angeles, Orange County, the Inland Empire, and Ventura County.
Even as shelter costs tick up in the latest CPI data, multifamily sale prices across Southern California are resetting, creating a notable divergence between what tenants pay and what investors are willing to price.
The March 2026 CPI report showed Rent of Primary Residence up 0.2% in the month, yet core inflation remains relatively contained at 2.6% year-over-year. On the ground, Southern California's apartment markets reflect that nuance. Asking rents are largely flat to modestly positive, while values have compressed meaningfully from peak levels.
Los Angeles County
Asking Rent: $2,278/Unit/MTH ▲ $1.00 YoY | ▲ 0.3% QoQ
Median Sale Price: $250K/Unit ▼ 10.8% YoY | ▼ 4.9% QoQ
Orange County
Asking Rent: $2,706/Unit/MTH ▲ 1.0% YoY | ▲ 0.1% QoQ
Median Sale Price: $388K/Unit ▼ 4.4% YoY | ▼ 3.0% QoQ
Inland Empire
Asking Rent: $2,141/Unit/MTH ▲ 0.2% YoY | ▲ 1.0% QoQ
Median Sale Price: $205K/unit ▼ 13.5% YoY | ▼ 10.0% QoQ
Ventura County
Asking Rent: $2,664/unit/MTH ▼ 0.1% YoY | ▲ 1.4% QoQ
Median Sale Price: $308K/Unit ▼ 2.5% YoY | ▲ 2.4% QoQ
The Inland Empire shows the deepest value correction, down over 13.5% year-over-year on sale price per unit, while asking rents there have actually ticked up quarter-over-quarter, albeit slightly. Demand fundamentals remain intact even as capital repricing continues.
Los Angeles County, the region's largest market, has seen sale prices fall nearly 11% year-over-year, yet asking rents have held up. Cash flow remains sound even as valuations adjust.
For buyers, this environment presents a window. For owners, rent stability offers a cushion. The question is how long the bid-ask spread holds before pricing gives way. Deal flow has thinned across Southern California as financing costs keep transaction volume in check.
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