Proposition 21 was top of mind for many multifamily owners and investors in Q3, since passage would lift the statewide restriction on local rent control laws. Media outlets have projected that the measure failed to pass, easing fears of more rent control for the time being.

Sales volume dropped substantially in Q3, with no sales of $100 million or greater.

Apartment fundamentals were stable and improving, despite continued economic impacts from the COVID-19 pandemic.