Apartment sector gaining momentum
Pasadena Star-News
By Kevin Smith
Following two years of negative growth, all four metro regions of Southern California saw a turnaround in their apartment sector last year, according to the 2011 Casden Multifamily Forecast from USC's Lusk Center for Real Estate.
All four areas - Los Angeles County, Orange County, the Inland Empire and San Diego County - posted year-over-year rent increases. Vacancy rates also fell, although not as dramatically as in 2009.
The San Gabriel Valley saw an average rent increase of 2.2 percent in 2010, bringing the region's average rent to $1,216.
During the fourth quarter of 2010 the average rent for a one-bedroom apartment in the Valley was $1,035. A two-bedroom apartment was $1,318 and a three-bedroom unit was $1,588.
The average fourth-quarter occupancy rate for apartments in the Valley was 95 percent, up from 94.7 percent during the third quarter and 94.3 percent in the second quarter, the report said.