by Jodi SummersHouse for rent

Expect the average rent on an apartment in much of Southern California will rise by at least $100 over the next two years, concludes the USC Casden Multifamily Forecast, released by USC’s Lusk Center for Real Estate.

Beacon Economics prepared the report for USC, analyzing rents, housing supply and population growth in Los Angeles, Orange, San Bernardino, Riverside and San Diego counties.

la-fi-g-monthly-rents-by-county-20160412

L.A. County rents rose nearly 5% to $1,307 last year from 2014, a pace that will slow to 3.1% this year, 2.4% in 2017 and 2.5% in 2018, when the average rent in Los Angeles County is expected to hit $1,416 a month. This is a total rise of 8.3% from 2015. Orange County, average rents are predicted to climb 9.4% to an average of $1,736. In San Diego County, average monthly rents should increase to $1,577 in 2018, up 10.9% from last year, and in Riverside and San Bernardino counties they’ll grow 7.3% to $1,239 a month.rent this

Last year, a report released by the California Housing Partnership Corp. said Los Angeles County needed more than 500,000 additional below-market rental homes if low-income residents were not to live beyond their means or in overcrowded apartments.

“Population and employment growth are driving up demand faster than new inventory can hit the market,” said Raphael Bostic, interim director of the USC Lusk Center for Real Estate.

Here’s where rents are at now:

LA Submarket vacancy rates 2Q 2016

Permits for more than 38,000 multifamily units were pulled last year across Los Angeles, Orange, San Bernardino, Riverside and San Diego counties, but  much of the new supply is on the pricey end, and economists say much more construction is needed because California has consistently built too few units relative to population growth.

LA Multifamilyrents 2Q 2016

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http://ktla.com/2016/04/12/socal-apartment-rents-expected-to-continue-rising-through-2018/

https://www.marcusmillichap.com/-/media/files/research/research%20reports/local%20apartments/2016/2q/los%20angeles%202q16.pdf

http://www.santamonicapropertyblog.com/why-rents-will-continue-to-rise-in-southern-california/

http://www.socalmultiunitrealestateblog.com/rents-will-continue-to-rise-in-southern-california/

http://www.scpr.org/news/2016/04/12/59468/why-rents-in-socal-will-keep-rising-in-the-coming/

 

 

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About Jodi Summers

With more than $100,000,000 in listed inventory, Jodi and the SoCal Investment Real Estate Group know finance, rules, regulations, procedures and methods. We are accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California.

A New York native, Jodi grew up working in the family business – marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans.

“My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.”

Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties.

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Buyers, Charts + Statistics, Curious, Rents, Sellers, Trends, Uncategorized