Marcus & Millichap Los Angeles Market Trends The Most Informative Overview of the Real Estate Market...

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Marcus & MillichapLos Angeles Market TrendsThe Most Informative Overview of the Real Estate Market

2011

* Through July Sources:Marcus & Millichap Research Services, BLS

Total Monthly Employment Change

United States

* Forecast Sources:Marcus & Millichap Research Services, BLS

Economic Weakness Expected Into Late 2011

Risk Levels Remain Elevated

* Through June Sources:Marcus & Millichap Research Services, BLS

The Fed Has Pulled All Stops -Inflation Focus

Unlikely to Emerge Until Sustainable Growth is Achieved

* Forecast Sources:Marcus & Millichap Research Services, BLS

Total Nonfarm Employment Change

Los Angeles vs. United States

* Through June Sources:Marcus & Millichap Research Services, BLS

Total Monthly Employment Change

Los Angeles

Sources:Marcus & Millichap Research Services, BLS

Los Angeles Sector Employment Year-over-Year Absolute Growth

Sources:Marcus & Millichap Research Services, BLS

Unemployment Rate

Los Angeles vs. United States

* Forecast Sources:Marcus & Millichap Research Services, BLS

Renter Demographics

Los Angeles

* Forecast Sources:Marcus & Millichap Research Services, BLS

New Housing Permits

Los Angeles

* Mortgage payment amortized over 30 yrs at 4.5%, Est. Tax/Insurance assuming 20% down payment Sources:Marcus & Millichap Research Services, Reis

Housing Affordability Gap

Los Angeles vs United States

* Forecast Sources:Marcus & Millichap Research Services, Reis

Apartment Supply

Los Angeles vs. United States

* Forecast Sources:Marcus & Millichap Research Services, Reis

Apartment Demand Los Angeles vs. United States

Sources:Marcus & Millichap Research Services, Reis

Apartment Metro Vacancy Ranking

2Q 2011

Sources:Marcus & Millichap Research Services, Reis

Apartment Vacancy by Class

Los Angeles

Sources:Marcus & Millichap Research Services, Reis

Apartment Vacancy Ranking by Submarket Los Angeles

* Forecast Sources:Marcus & Millichap Research Services, Reis

Apartment Asking Rent Trends

Los Angeles vs. United States

* Forecast Sources:Marcus & Millichap Research Services, Reis

Apartment Effective Rent Trends

Los Angeles vs. United States

Sources:Marcus & Millichap Research Services, Reis

Apartment Metro Effective Rent Growth Ranking

2Q 2011

Sources:Marcus & Millichap Research Services, Reis

Apartment Effective Rent Ranking by Submarket Los Angeles

Includes sales $500,000 and greater, *Trailing-12 month period Sources:Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics

Median Sales Price Apartment

Includes sales $500,000 and greater, *Trailing-12 month period Sources:Marcus & Millichap Research Services, Costar Group, Inc., Real Capital Analytics

Average Cap Rate

Apartment