According to the Action Apartment Association, a support group for Santa Monica apartment building owners, here are some facts about the apartment market activity in Santa Monica through 2005: ■ The 4.66 percent Capitalization Rate (CAP Rate) is nearly a half a percent point lower than the Los Angeles County average for the same period (5.03 percent). ■ The 14.54 Gross Rent Multiplier (GRM) is trending about 10 percent higher than the Los Angeles County average for the same period. ■ The $187,167 Price Per Unit is significantly higher than the Los Angeles County average for the same period ($143,701). ■ The $260.84 Price Square Foot is significantly higher than the Los Angeles County average for the same period ($184.15).
Originally published in the Santa Monica Daily Press print edition on August 30, 2006. Read the original PDF.