May 12, 2008
.."Rents may have gotten ahead of themselves for the short term as the market adjusts to the housing slowdown," according to a recent study by the University of Southern California Lusk Center for Real Estate.
Lusk Center officials are predicting about 2,875 new units to be completed this year, compared with 2,163 last year. That level of development, along with the slowing local economy, should push OC apartment vacancy rates up from 3.8% in 2007 to 4.6% in 2008...