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 The Desert Sun:
Rents fall in SoCal
The Desert Sun
...Rents fell across much of Southern California in 2008, with the biggest drop recorded in the Inland Empire, USC researchers said in a forecast released today.
"In L.A. County alone, 41,000 people moved out of apartments last year compared to the 29,000 who moved in over the past five years,'' said Delores Conway, director of the Casden Real Estate Economics Forecast at USC's Lusk Center for Real Estate. "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,'' she said.
The average for one-bedroom apartments in Los Angeles was $1,397 last year, with the highest prices on the Westside, according to the forecast. Countywide, prices receded an average of 3.8 percent last year. Rents in Pasadena and Burbank are stable, while prices in Hollywood and downtown Los Angeles are under downward pressure from new condominiums that are being leased, rather than occupied by their owners, according to the report...
April 8, 2009