Van Nuys is supported by a mix of industries with a growing focus on healthcare and social assistance, which has become a dominant sector. Other major industries include construction, retail, and manufacturing, along with a notable presence of the film industry. While specific local employers are often small businesses, large companies in the metro include major employers in the greater Los Angeles area, such as Northrop Grumman, Molina Healthcare, and Kaiser Permanente. The metro is home to many families and young professionals. The median household income tends to be average for the city but lower than the county average, and a high percentage of residents rent their homes.

 

Key Findings

• The asking rent in Van Nuys averages at $1,834 per unit, one of the more affordable rents across the Los Angeles metro.
• The new development at 6728 Sepulveda Blvd. will deliver 405 units upon delivery in January 2027. This is currently the largest property under construction in Van Nuys.
• With 633 units on the way, Van Nuys records the greatest construction increase among the San Fernando Valley submarkets, besides Woodland Hills and North Hollywood/Studio City.

 

Van Nuys Multifamily Rents

Van Nuys recorded rental rate losses of -0.4% over the past 12 months. The decline in rent growth led to the third quarter’s asking rent level of $1,834 per month. Throughout this year, two-bedroom apartments noted the greatest shifts in rent activity. During the first quarter, two-bedroom apartments noted a market rent of $2,176, but then ended the third quarter with a market rent of $2,155. Despite the rent growth drop across Van Nuys, residents remain attracted to the area as its asking rent is lower than other metros across Los Angeles.

 

Market Asking Rent per Unit

Source: CoStar Group, Inc.

 

Van Nuys Multifamily Vacancy

The metro noted a 4.7% vacancy rate during the third quarter, lower than the Los Angeles vacancy rate of 5.3%. Van Nuys’ vacancy rate can be attributed to increased absorption, with 91 units absorbed during the quarter. This is a large rise from Q2 2025, when only 13 units were absorbed. Studio apartments noted the highest vacancy rate at 7.8%, with
three-bedroom apartments recording the lowest vacancy at 4.3%. Moving forward, vacancy is forecast to remain stable, ending the year with an estimated 4.6% vacancy rate.

 

Vacancy Rate

Source: CoStar Group, Inc.

 

Van Nuys Construction Activity

In the third quarter, the metro saw the addition of 208 new units at The Brightly. The property is a Class A building, and it accounts for one of the largest deliveries of 2025. There are 633 units under construction across Van Nuys, which will expand the metro’s inventory by 2.6% upon completion. While the largest property on the way won’t be delivered until 2027, two properties will be finalized in November 2025. Villa Vanowen and 14402 Vanowen St. are both underway, and will deliver 64 and 45 units, respectively.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Van Nuys Sales Performance

Van Nuys recorded $30.8 million in sales volume for the third quarter, an increase from the $28.7 million recorded in Q2 2025. The majority of sales across the metro have been for lower-tier buildings. As such, the largest transaction for Q3 2025 was for a Class C property. The deal was for the building at 6911 Haskell Ave., which is made up of 25 units and sold for $4.7 million.

 

Along with increased sales volume, Van Nuys’ cap rate level also rose from Q2 2025 at 5.80%. Class B properties across the metro noted the highest cap rate at 5.8%. While the current price per unit is at $194K, it is expected to increase, ending the year at a projected $277K per unit.

 

Sales Volume & Market Sale Price Per Unit

Source: CoStar Group, Inc.