Oversupply reduces rent
Daily Pilot
By Mike Reichner
...The USC Casden Real Estate Economics Forecast anticipates that an oversupply of new apartments in Anaheim and Irvine could keep rents down. Meanwhile, the exceptionally high cost of homes here keeps the apartment vacancy rate low, the report finds...
..."Overall, Southern California will not see sustained increases in rents until the greater economic health of the region improves," said Tracey Seslen, co-author of the report, in a statement...
..."Housing is more affordable across the region, but low consumer confidence is keeping many first-time buyers on the fence and move-up buyers that lost equity are staying put," said Richard K. Green, another co-author. "That opens the door for an increase in rents."...