Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the April 8, 2009 edition of Press Enterprise:
Renters' market for Inland apartments
Press Enterprise
By Lou Hirsch
...A weak housing market is creating bargains in apartment rents across Southern California, but rising Inland unemployment is causing many tenants to move out or seek roommates to pay the tab, according to a study released Wednesday by USC.
Riverside and San Bernardino counties in 2008 saw their largest drop in apartment occupancy in a decade, as rents fell 4 percent and foreclosures enticed renters to buy homes, according to the latest regional survey by the Casden Real Estate Economics Forecast at USC's Lusk Center for Real Estate.
Casden forecast Director Delores Conway said the recession is taking its toll on landlords, who are lowering rents or giving concessions to keep apartments occupied. Southland occupancy rates have dropped in part because of a record number of new apartments that came on the market in 2008, and also because a rising number of vacant condominiums and single-family homes are competing for renters...
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