Completions (or deliveries) is the volume of newly-constructed multifamily units becoming available for lease in a given period. 2025 LA metro: 14,563 units delivered. 2026 expected: ~11,000.
Completions are near-term supply additions that directly affect current rent growth and vacancy. High delivery quarters pressure rents downward as properties compete for tenants. Low delivery quarters allow rent growth.
LA metro completions peaked 2023–2025 with the late delivery of projects started during the 2020–2021 construction boom. 2026 deliveries will be lower (~11,000), and 2027–2028 will be substantially lower as the reduced 2024–2025 starts pipeline delivers. This supports future rent growth.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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