by Jodi SummersHouse for rent

Expect the average rent on an apartment in much of Southern California will rise by at least $100 over the next two years, concludes the USC Casden Multifamily Forecast, released by USC’s Lusk Center for Real Estate.

Beacon Economics prepared the report for USC, analyzing rents, housing supply and population growth in Los Angeles, Orange, San Bernardino, Riverside and San Diego counties.

la-fi-g-monthly-rents-by-county-20160412

L.A. County rents rose nearly 5% to $1,307 last year from 2014, a pace that will slow to 3.1% this year, 2.4% in 2017 and 2.5% in 2018, when the average rent in Los Angeles County is expected to hit $1,416 a month. This is a total rise of 8.3% from 2015. Orange County, average rents are predicted to climb 9.4% to an average of $1,736. In San Diego County, average monthly rents should increase to $1,577 in 2018, up 10.9% from last year, and in Riverside and San Bernardino counties they’ll grow 7.3% to $1,239 a month.rent this

Last year, a report released by the California Housing Partnership Corp. said Los Angeles County needed more than 500,000 additional below-market rental homes if low-income residents were not to live beyond their means or in overcrowded apartments.

“Population and employment growth are driving up demand faster than new inventory can hit the market,” said Raphael Bostic, interim director of the USC Lusk Center for Real Estate.

Here’s where rents are at now:

LA Submarket vacancy rates 2Q 2016

Permits for more than 38,000 multifamily units were pulled last year across Los Angeles, Orange, San Bernardino, Riverside and San Diego counties, but much of the new supply is on the pricey end, and economists say much more construction is needed because California has consistently built too few units relative to population growth.

LA Multifamilyrents 2Q 2016

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http://ktla.com/2016/04/12/socal-apartment-rents-expected-to-continue-rising-through-2018/

https://www.marcusmillichap.com/-/media/files/research/research%20reports/local%20apartments/2016/2q/los%20angeles%202q16.pdf

http://www.santamonicapropertyblog.com/why-rents-will-continue-to-rise-in-southern-california/

http://www.socalmultiunitrealestateblog.com/rents-will-continue-to-rise-in-southern-california/

http://www.scpr.org/news/2016/04/12/59468/why-rents-in-socal-will-keep-rising-in-the-coming/

 

 

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About Jodi Summers

Jodi Summers
Sotheby’s International Realty
310.260.8269
jodis@jodisummers.com
www.SoCalInvestmentRealEstate.com
www.SantaMonicaLandmarks.com
www.SoCalIndustrialRealEstateBlog.com
www.SoCalOfficeRealEstateBlog.com
www.SoCalGreenRealEstateBlog.com
www.SantaMonicaPropertyBlog.com

Jodi Summers Bio

With $100,000,000 in listed inventory, Jodi Summers understands the coastal commercial real estate market. A top producer with Sotheby’s International Realty, Jodi knows finance, rules, regulations, procedures and methods. She is accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California.

Jodi is born in Brooklyn, raised in and around Manhattan – the family business was marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans.

An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California to achieve her goal of living by the beach with a palm tree and a hibiscus bush in her yard.
She thrived as an entrepreneur in the entertainment, media and marketing industries. One of her books, “Marking and Marketing Music,” is in second edition.

“My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.”

Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties.

Her team joined Sotheby’s International Realty for the company’s powerful brand and stellar reputation.
“We offer the broad market knowledge needed to assist clients in formulating a sound acquisition strategy,” Jodi amplifies. “Together, we evaluate various markets, property types and neighborhoods to devise a customized approach that meets each client’s specific objectives.”

Jodi is a member of the Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Ocean Park Association, the Friends of Sunset Park community group, the Real Estate Investors Club of L.A., and the Culver City Rock & Mineral Club. Members of her team are fluent in Spanish and Italian.

“Our reputation assures your satisfaction.”

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