Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted in the April 16, 2009 edition of NuWire Investor:
Unemployment Rates Significantly Impacting Southern California's Rental Markets
NuWire Investor
By Nellie Day
...According to the annual USC Lusk Center Casden Forecast, 41,000 Los Angeles residents left their apartments last year, mostly in search of cheaper housing options or more job opportunities. Despite boasting a population of nine million, these 41,000 people had a profound effect on the county's rental market, especially considering the fact that Los Angeles has only added 29,000 new renters in the pasts five years.
"We are seeing the effects of the recession on LA's rental market," said Delores Conway, the forecast's director. "Unemployment in LA County is almost 12 percent...[and] as people lose their jobs they tend to double up in apartments or homes with family and friends. Some residents are also leaving the area and moving to other jobs..."
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April 16, 2009