Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the April 29, 2009 edition of Multi-Housing News:
Market Snapshot: High Unemployment Rate in L.A. Results in Falling Rents and Occupancy
Multi-Housing News
By Erika Schnitzer
...Compared with other regions in the nation, Southern California's apartment markets show some long-term growth potential, according to the 2009 Southern California Multifamily Market Report put out by the University of Southern California's Lusk Center for Real Estate. Despite this, falling rents and occupancies in Los Angeles County reflect the high unemployment rate, in addition to the increased pressure from the shadow market of rented condos and single-family homes.
"L.A. has shown that it changed pretty dramatically from where we have been in the last five years," Delores Conway, Ph.D., director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, tells MHN. Los Angeles County saw net move-outs top 40,000, significantly impacting both rents and vacancies...
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