Local apartment rents and occupancy rates are among the highest in the country, according to the Casden Real Estate Economics Forecast released by the University of Southern California Lusk Center for Real Estate.
"The recent run-up in home prices makes apartment living more desirable," said Delores Conway, director of the Casden Forecast.
"And the tight supply of land coupled with more condo conversions means fewer available units," which "translates into higher rents and occupancy rates for the next couple of years," she said.
According to Conway, apartment demand will benefit from the region's increased growth in trade, along with an infusion of higher paying jobs associated with business and professional services.