Amid Housing Shortage, SoCal Apartment Rents Expected to Continue Rising
This year’s University of Southern California Lusk Center for Real Estate: Casden Real Estate Economics Forecast predicts rent increases throughout Southern California for the next two years. Projected average annual rent growth ranges from a low of 0.64% in Los Angeles County to a high of 2.52% in Orange County.
The annual report also flags emerging macroeconomic risks, including a potential stock market correction and rising federal debt that could further constrain already sluggish housing production. The forecast pairs its 24-month housing projections with the perspective that rebuilding into affordability will likely take sustained effort lasting a decade or more.
“Housing affordability keeps shrinking for the people who need it most. The most data-backed solution is obvious: we need more housing,” said forecast author Moussa Diop, associate professor of real estate at the USC Sol Price School of Public Policy. “Beginning with the 2008 downturn, the U.S. lost the production capacity needed to meet long-term demand. We can build back, but it’s going to take an all-hands approach.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout