Westlake
Westlake is a centrally located Los Angeles multifamily market with a large residential base, active commercial corridors and convenient access to surrounding employment centers. Positioned immediately west of Downtown Los Angeles and adjacent to Koreatown, the neighborhood benefits from connectivity to major transit routes and the Westlake/MacArthur Park Metro station. Its multifamily landscape offers a range of property types and investment opportunities within a dense urban setting. For owners and investors, existing tenancy, property condition, proximity to transit and commercial corridors, and continued neighborhood development all play an important role in individual asset performance and long-term value.
MARKET OVERVIEW
Source: CoStar | Westlake Multifamily | 2025
Units Delivered
337
Rent Growth (YoY)
-0.1%
Average Cap Rate
6.7%
Vacancy Rate
6.7%
Average Price Per Unit
$141,991
Average Rent
$1,626
Absorption Rate
-0.2%
Total Transactions
35
DEVELOPMENT PIPELINE
Westlake currently has 716 units under construction, which represents approximately 3% of existing inventory. CoStar notes that construction has recently slowed, with no new starts recorded in 2026 at the time of the report.
The largest project currently underway is The Court Residences, a 189-unit development by Visionary Development. Other notable projects include Burlington Place (130 units) and K-Town Place (122 units).
Only 85 proposed units are identified for the next eight quarters, suggesting a significant slowdown in future supply following completion of the existing pipeline.
TENANT PROFILE
Westlake is overwhelmingly renter-occupied: CoStar reports that approximately 95% of residents rent. The neighborhood has historically maintained a relatively affordable rental base, with average rents roughly 30% below the Greater Los Angeles average.
Approximately two-thirds of its multifamily inventory is classified as 1- and 2-Star, while newer higher-quality developments are targeting renters seeking newer housing at a relative discount to neighboring submarkets.