March 30, 2006
Jeff Collins High home prices are forcing more families to rent at the same time that the local work force is growing and many new apartment buildings are being converted to condominiums, according to the annual Casden Multifamily forecast by the USC Lusk Center for Real Estate. Delores Conway, director of the Casden Forecast, called the estimation "a great picture for landlords," but a bleak one for renters. "The supply (of apartments) is really, really tight," Conway said Wednesday. "Part of it is due to condo conversions. It's taking the apartment supply off the market."