Apartment rents expected to rise, few are vacant

Southern California apartment rents are expected to increase by 3.5 percent to nearly 6 percent this year and occupancy rates will remain high, an industry report reveals. The Casden Real Estate Economics Forecast, released today by the University of Southern California Lusk Center for Real Estate, said the average rental rate for a two-bedroom apartment should rise to about $1,500 in L.A. County, $1,520 in Orange County and $1,080 in the Inland Empire. "The new supply of apartments has not kept up with demand from newcomers attracted to jobs in our diverse economy and the Southern California life style,' Delores Conway, director of the Casden Forecast, said in a prepared statement.