Southern California apartment rents will keep climbing
Los Angeles Times featured research by Richard Green of the USC Lusk Center and the annual USC Casden Real Estate Economic Forecast that predicts rents across Los Angeles will rise by $136 per month by 2019. Demand for housing continues to increase with job and population growth, but Los Angeles housing development has failed to keep pace with this trend. The report also points to the large millennial population as factor in the housing crisis and one key reason rents will rise over the next two years.
“But we started at such a bad place, it’s still really bad, it’s just not quite as bad it was two years ago,” Green told KPCC-FM. The Orange County Register highlighted expected rent increases for Orange County. Curbed LA and Xinhua News Agency (China) also reported on the forecast.