|
|
Audrey Barnhill Joins OFM as New Architect and Design Manager Holly Springs, N.C.—OFM, a leading office and school furniture manufacturer, ...
North Carolina Children’s Flight of Hope Raises Over $150K for Sick and Injured Youth
North Carolina Children’s Flight of Hope Raises Over $150K for ...
Applebee’s Partners with Appalachian Regional Healthcare to Raise Funds for Cancer Research The Apple Gold Group, franchisee of Applebee’s restaurants in North ...
Capstrat Builds on Strength of Public Affairs Bench With Two New Hires Andrew Meehan and Anna Marshall Gauss bring new media expertise ...
Spring 2010 Edition of Wake Living on Newsstands RALEIGH – Look for the spring 2010 edition of Weiss ...
Historical Black Pride Event set for the Triangle July 29-Aug. 1, 2010 RALEIGH - Shades of Pride board members will be hosting ...
MCKINNEY PROMOTES ROD BROWN, GLEN FELLMAN, LAURA SUDAR AND GRETCHEN WALSH TO SENIOR VICE PRESIDENTS DURHAM – McKinney announced today that Rod Brown, Glen Fellman, ...
Fifteen501 Spring Issue on Newsstands This Week RALEIGH – Check newsstands beginning this week for the spring ...
PRBrandBuilder Launches Blog, PRLine Public Relations Service Provider to Discuss Best Practices through New ...
Consert Partners with North Carolina International Affairs Council to Educate Canadian Delegates on Green Energy Capabilities Raleigh-based Consert Inc., an industry leader in the
implementation of intelligent
distributed ...
|
|
|
|
| |
|
All Regions - |
 |
|
News For Your Web Site |
|
|
USC Apt. Market Forecast Shows Impact of Recession |
- LOS ANGELES – Falling apartment rents across Southern California reflect the current recession as unemployed tenants move away or double up with friends or family while the affordability of foreclosed homes turns some renters into buyers. It's a trend that will continue this year, according to the latest survey of apartment markets in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties conducted by the Casden Real Estate Economics Forecast at the University of Southern California's Lusk Center for Real Estate.
"In LA County alone, 41,000 people moved out of apartments last year - compared to the 29,000 who moved in over the past five years," said Delores Conway, Ph.D., director of the Casden forecast. "The dramatic changes in the economy are taking their toll on landlords, who are lowering rents or giving concessions just to keep their units occupied." She added, "Occupancy numbers dropped sharply, forced down by a record number of new apartments that came on the market in 2008 and the shadow supply of vacant condominiums and single-family homes for lease." Also, some renters became first-time homebuyers, snapping up foreclosed properties especially in the Inland Empire. "Bucking the trend, the San Diego apartment market has nearly full occupancy and rents there increased by one percent last year," said Conway. The Casden Forecast analyzes apartment transactions, new building permits, leasing activity and employment data using information from MP/F YieldStar, Hanley Wood and other sources.
Los Angeles County
- 2008, rents down an average of 3.8 percent
- Weak demand in Hollywood due to subleased condos competing with apts.
- Long Beach and San Gabriel remain more affordable than other areas
- Rents and occupancies should fall an additional percent this year, but stabilize in 2010, as the economy recovers
Orange County
- 2008 rents drop for first time in 13 years; down an average 2 percent
- High home prices and tight credit supply keep more renters in the market
- 2009 job losses extend downward pressure on rents; Irvine's universities and medical facilities help occupancies
- Rents may fall more than one percent this year as ample supply clears the market
Inland Empire - Riverside and San Bernardino Counties
- 2008 showed largest drop in occupancy in 10 years
- Rents fall 4 percent from high unemployment and abundant inventory, while foreclosures entice some renters to buy
- Vacancies to rise in 2009 with rents falling more than one percent
- Weak demand should materialize in 2010 as businesses seek affordable locations with an existing workforce
San Diego County
- Apt. occupancies at 95 percent in 2008 as rents moved up one percent
- Market buoyed by military bases, biotech, high tech and universities
- Subleased condos downtown compete with high-end rentals
- One of nation's healthiest apt. markets remains So. Cal. standout with rents rising more than one percent in the next two years
Copies of the Casden Real Estate Economics Forecast can be ordered online for $75 at www.usc.edu/casden or by calling the USC Lusk Center for Real Estate at (213) 740-5000. |
Posted on:
Thursday, April 09, 2009 02:04 PM |
 |
 |
|
|
|
Home