Dr. Delores Conway, director of the Casden Real Estate Economics Forecast at the USC Lusk Center for Real Estate, is quoted on April 8, 2009 on KABC TV Los Angeles:
Report: Rents dropping for Southland
KABC TV Los Angeles
...House prices have been falling in Southern California for several months now, but according to University of Southern California researchers, the prices of apartment rentals are falling as well.
In Los Angeles County, rental prices fell an average of 3.8 percent in 2008. In the Inland Empire last year, the average rental price dropped 4 percent.
The reason? Simple economics: High supply, low demand.
"In L.A. County alone, 41,000 people moved out of apartments last year, compared to the 29,000 who moved in the past five years," Delores Conway, from USC's Lusk Center for Real Estate told City News Service.
"The dramatic changes in the economy are taking their toll on landlords, who are lowering rents or giving concessions just to keep their units occupied," Conway said...
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