Last week saw the release of the latest USC Casden Multifamily Forecast report, which predicts that monthly rents will continue to rise for at least two more years in Southern California despite new construction. According to USC Lusk Center for Real Estate Director Richard Green, the region's market is being fueled by rising home prices.
San Diego County's residential and commercial markets have been improving, but uncertainty over raising the debt limit and ending the partial government shutdown continue to color the conversation.
"I was quite optimistic about the economy until I heard four congressmen say that it wouldn't be a big deal if we defaulted on our debt," said Richard Green, director of the USC Lusk Center for Real Estate during a panel discussion Wednesday at the W Hotel in downtown San Diego.
Homeownership rates are falling as more people decide to rent instead.
The trend could last a decade as young adults delay marriage and the aging baby boom generation downsizes, according to new research by economist Richard Green, director of the University of Southern California’s Lusk Center for Real Estate.
Green previewed his research Wednesday at gathering of real estate executives in San Diego hosted by the Lusk Center.
"Many middle-class families simply pay more than that, money that could have been spent elsewhere, stimulating the economy.
"A lot of people spend 40% on their housing" in Southern California, said Richard Green, director of USC's Lusk Center for Real Estate.
The USC Casden Multifamily Forecast report released on Tuesday predicts that rents will continue to rise in the area despite new construction, as demand for rental housing continues to increase.
USC Lusk Center for Real Estate Director Richard Green said the market is being fueled by rising home prices.
“Despite marked improvements in employment and the economy, the rapid increase in home prices and interest rates are pricing first-time homebuyers out of the local market,” he said in a statement.
A university forecast of multi-unit housing released this week ranked Santee as having the lowest vacancy rate in all of Southern California's real estate submarkets.
The 2013 USC Casden Multifamily Forecast highlighted El
Industry professionals gathered at the USC Casden Mulitfamily Forecast conference on September 24 to hear expert opinions about the California multifamily market. Pleasantly, and maybe surprisingly, the overall forecast was very positive. After welcome comments,Richard K.
DOWNTOWN LOS ANGELES — Apartment hunters who think that it is getting more expensive to live in Downtown now know it’s not their imagination: Central City rents rose 4.8% between the second quarter of 2012 and the same time in 2013, according to the new USC Casden Forecast/2013 Multifamily Report.
Southern California residential rents are likely to rise for two years as home prices climb and apartments remain in short supply, according to a study coauthored by the University of Southern California's Lusk Center for Real Estate and the California Association of Realtors (CAR).
In the second quarter of this year, San Diego County had the lowest vacancy rate at 2.3 percent, a 37.1 percent decrease from the previous year.
The 2013 USC Casden Multifamily Forecast projects two more years of rent increases in Southern California as the region’s rental housing market continues to absorb units faster than it completes them.