April 10, 2008
...Conway said in the last quarter of 2007, demand for apartments picked up in the Inland Empire because tenants in foreclosed houses had to move.
But forces that might have supported heftier rent increases, Conway said, are offset by development of new apartments and increased competition from what she described as a "shadow market" of houses and condominiums that have been converted to rentals by owners unable or unwilling to sell in a period of declining home prices...