New Multifamily Supply Impacting Santa Monica’s Rental Market (2022–2026)

New Multifamily Supply Impacting Santa Monica’s Rental Market (2022–2026)

Over the past several years, Santa Monica has added a meaningful amount of newer multifamily inventory. For a supply-constrained coastal market, even a few hundred Class A units can shift renter expectations — especially in the $4,000+ two-bedroom segment.

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700 Broadway – Downtown Santa Monica

Address: 700 Broadway, Santa Monica, CA 90401
Opened: 2025
Units: ~196 market-rate units (part of ~280-unit mixed-use development)
Amenities: Equinox Fitness Club (34,000 sq ft), large-format supermarket (~60,000 sq ft), landscaped park space, luxury finishes, structured parking.
Source: Urbanize LA – Project Coverage

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The Park Santa Monica – 500 Broadway

Address: 500 Broadway, Santa Monica, CA 90401
Built: Recent new construction
Amenities: In-unit washer/dryer, rooftop park space, 24-hour concierge, fitness center, resident lounge areas, pet-friendly features, secured access.
Source: Apartments.com – The Park

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Pacific Landing – 2120 Lincoln Blvd

Address: 2120 Lincoln Blvd, Santa Monica, CA 90405
Opened: 2022
Units: ~36–37 units
Amenities: New construction interiors, updated layouts, energy-efficient systems, multifamily rental community.
Source: Apartments.com – Pacific Landing

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Why This Matters

The steady addition of newer, amenity-rich buildings — offering bright interiors, in-unit laundry, rooftop decks, gyms, concierge services, coworking areas, and secured access — has meaningfully raised renter expectations.

For older two-bedroom properties competing above $4,000 per month, presentation, brightness, condition, and pricing precision are more important today than they were even five years ago.