A recent USC report has found that a recent boom in apartment rentals is being fueled by a significant decline in home affordability.
Developers are building multi-family apartment buildings at a fast pace throughout Southern California. However, they’re not creating new supply nearly fast enough to force down rents.
The 2013 USC Casden Multifamily Forecast projects that rents will continue to rise for at least the next two years, as the region’s rental housing market continues to absorb units faster than they are being completed.
Read the full story online at the LA Times.
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