Multifamily Forecast

New data shows home prices across Southern California have slipped for the sixth straight month. But high interest rates continue to cause slowing sales in the housing market. Plus, rental vacancies, and the "sunshine tax." Rudabeh Shahbazi talks to Dr. Richard Green, director of the USC Lusk Center for Real Estate.

Southern California’s apartment dwellers can expect steadily increasing rents over the next couple of years, according to a recent report by the University of Southern California’s Lusk Center for Real Estate. 

USC Lusk’s annual Casden Real Estate Economics Forecast projected “continuing rent increases over the next two years” across the five Southern California housing markets it tracks — Los Angeles County, Orange County, the Inland Empire, Ventura County and San Diego County. 

Over the next couple of years, Long Beach could continue to see rent increases, according to a new report from USC’s Lusk Center for Real Estate.

In Long Beach, where 60% of residents are renters, vacancies have dipped to under 5%, a trend that is mirrored in Los Angeles County, as well as Orange County, San Diego County, and the Inland Empire.

Renting an apartment in San Diego county will be getting more expensive, with a USC Casden Economics Forecast released Thursday predicting continuing rent increases over the next two years.

San Diego is projected to have a rent increase of $250 by October 2024, outpacing Los Angeles and Orange counties, which are estimated to increase by $100 and $184, respectively.

According to the forecast, San Diego County has a current average rent of $2,334, with a 2.9% vacancy rate, with the average rent predicted to rise to $2,582 by 2024, with a 3.44% vacancy rate.

On a recent rainy afternoon in Columbia Falls, Montana, a small town just outside
Glacier National Park, Lisa Beaty and Kim Hilton were preparing to sell most of their
belongings before moving out of their three-bedroom, two-bathroom rental home.

Hilton, who was recovering from a broken leg, watched from his recliner as friends and
family sorted through old hunting gear, jewelry, furniture and clothes.

“The only thing that’s not for sale is the house,” Hilton, 68, said as he checked his blood
sugar. “Everything else has to go.”

Whiplashed tenants who’ve seen rents soar by double digits may get some relief in
the next two years in the form of smaller rent hikes.

But what lies ahead is anyone’s guess as economic uncertainties cloud the outlook, a
top University of Southern California forecaster says.

Inflation, rising interest rates and changing migration patterns make it hard to predict
the future, USC’s Casden Multifamily Forecast the Casden report said.

USC report: Rent hikes on tap for LA, OC

 Renting an apartment in Los Angeles and Orange counties will be getting more expensive, with a USC Casden Economics Forecast released Thursday predicting continuing rent increases over the next two years.

While Los Angeles is projected to have a relatively moderate rent increase of $100, apartment rents are projected to increase an average of $184 in Orange County, according to the forecast.

Renting an apartment in Orange County will be getting more expensive over the next two years, with a USC Casden Economics Forecast predicting continuing rent increases across Orange and Los Angeles counties.

According to the report, Los Angeles is projected to have an average rent increase of $100. Orange County, on the other hand, is predicted is have an average rent increase of $184.

Renting an apartment in Los Angeles and Orange counties will be getting more expensive, with a USC Casden Economics Forecast released today predicting continuing rent increases over the next two years.

While Los Angeles is projected to have a relatively moderate rent increase of $100, apartment rents are projected to increase an average of $184 in Orange County, according to the forecast.