Koreatown
Koreatown is one of Los Angeles’ most densely developed and active urban neighborhoods, characterized by a large renter population, substantial multifamily inventory and a mix of residential and commercial uses. The submarket includes everything from older apartment buildings to newer high-density developments, creating a diverse range of investment opportunities. Its central location provides convenient access to Downtown Los Angeles, Hollywood and surrounding employment centers, while extensive dining, retail, entertainment and transit options contribute to its appeal among renters. For multifamily owners and investors, property condition, existing tenancy, development activity and individual location can significantly influence asset performance and long-term value.
MARKET OVERVIEW
Source: CoStar | Koreatown Multifamily | 2025
Units Delivered
833
Rent Growth (YoY)
-0.1%
Average Cap Rate
6.2%
Vacancy Rate
5.9%
Average Price Per Unit
$167,440
Average Rent
$1,983
Absorption Rate
1.8%
Total Transactions
75
DEVELOPMENT PIPELINE
Koreatown remains one of Los Angeles' most active multifamily development markets, with approximately 2,164 units currently under construction and additional projects planned over the next several years. While construction activity has begun to moderate, the neighborhood continues to attract developers due to its central location, transit accessibility and opportunities for higher-density development. Jamison Properties remains a leading developer in the submarket, delivering three projects totaling 398 units in 2025 and planning approximately 1,105 additional units in the coming years.
TENANT PROFILE
Koreatown attracts a younger and diverse renter population, including young professionals and immigrants. The report highlights the neighborhood's relative affordability compared with the broader Los Angeles market, including newer premium apartments that rent below comparable properties metro-wide.