John M. Eichert - Real Estate / Finance
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John M. Eichert

People's Choice Brokers Palm Springs
Regional Office: 7428 University Ave

Cell: 760-641-3801

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 So Cal Rents on the Rise

A new USC study published by the LA Times real estate writer Tim Logan forecasts rents in So. Cal will get more expensive over the next 2 years.

The avg. cost of renting is projected to grow more than 8%, according to a new report out Tuesday, making one of the nation's least affordable rental markets even less so.

The figures come from a USC study which projects avg. rents by mid-2016 in Los Angeles County will have climbed 8.2% to $1,857, 8.6% to $1,807 in Orange County and 9.9% to $1,189 in the Inland Empire.

Those growth rates — each of which on an annual basis is faster than was recorded over the last 12 months — reflect surging demand for apartments, a trend that shows no signs of slowing.

The region has long had a shortage of rental housing.

A study earlier this year estimated Los Angeles County needs an additional 500,000 apartments to meet demand, which is surging as job growth picks up and a wave of “20 somethings” move out on their own while income, for working-class households is flat at best.

“Although apartment construction increasing, is nowhere close to keeping up with demand”.

And it's a problem that could feed on itself by pushing good jobs elsewhere.

Corporate decisions like Tesla Motors' move last month to open a $5-billion battery factory in Nevada (instead of California), noted they're not just driven by tax incentives, cheap industrial land, but also by housing costs.

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