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Why rents in SoCal will keep rising in the coming years

Source: KPCC

Researchers found that in 2015, more than 38,000 construction permits were issued in Southern California for new apartment units; however, that inventory will not be enough to satisfy the demand for housing. Therefore, it is expected that the average rent on an apartment in much of Southern California will rise by at least $100 over the next two years. Raphael Bostic, interim director of USC’s Lusk Center for Real Estate, commented, “Though multifamily construction permits are back to pre-recession levels and have provided some relief, population and employment growth are driving up demand faster than new inventory can hit the market. For renters, new construction has simply kept a bad situation from getting drastically worse.”

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