Rental rates lowest in region
Press Enterprise
By Leslie Berkman
...Rents, averaging $1,024 in the two-county region after declining 3.8 percent in 2009, will drop 1 percent or less this year and remain essentially flat through 2011, said the USC Lusk Center Casden Real Estate Economics Forecast...
...The report says because investors often are beating out would-be owner occupants in the competition to buy foreclosed homes, renters are not making the jump to home ownership in the numbers that once had been anticipated.
In addition, Tracey Seslen, who co-authored the Casden Multifamily Market Forecast, said a premise of the Inland forecast is that investors who buy up bank repossessed houses are planning to hold them without looking for renters until the real estate market recovers and the houses can be sold at a profit...