Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the May 3, 2009 edition of The Desert Sun:
Vacancies drive rent down in Coachella Valley
The Desert Sun
By Debra Gruszecki
...Apartment rents are falling in the Coachella Valley, as unemployment kept a grip on the Inland Empire and as tenants who were still collecting checks bought affordable homes.
The drop in rents coincide with rising vacancy rates, according to a report by RealFacts, a Novato-based research firm, and the Casden Forecast by USC Lusk Center for Real Estate...
...The USC Lusk Center for Real Estate said in its Casden Forecast that the "falling rent" trend is expected to continue this year.
"In Los Angeles County alone, 41,000 people moved out of apartments last year, compared to the 29,000 who moved in over the past five years," said Delores Conway, director of the forecast. "The dramatic changes in the economy are taking their toll on landlords" as they are reporting lowering rents or concessions to keep the units occupied...
