June 13, 2024 The Newspaper Serving LGBT Los Angeles

Rent Surge Ahead: USC Report Predicts Increases Across SoCal Counties

Rental Price Hikes Likely In Store for Los Angeles

By Dolores Quintana

Rents in the Southern California area are expected to increase by two to four percent, as per a University of Southern California (USC) report cited by the Orange County Register.

The Casden Multifamily Forecast from USC anticipates below-average rent hikes for Los Angeles, San Diego, Riverside, and San Bernardino counties, with average increases projected for Ventura County. Orange County, known for its robust rental market, is predicted to experience somewhat above-average rent growth, reaching a record $2,800 per month by late 2025.

While the projected rent growth for 2024-25 is not expected to match the significant increases seen during the pandemic, ranging from 12 to 18 percent annually, the pace of rent hikes is forecasted to rise in the subsequent two years, coinciding with a slowdown in apartment construction, according to the USC Lusk Center for Real Estate.

The forecast highlights challenges for landlords, who may face financial difficulties as they seek to replace low-interest loans maturing in the next four years. High interest rates and escalating operating costs could lead to foreclosures and diminish resources available to increase the housing supply.

Vacancy rates are projected to stay within the range of 4 to 6 percent over the next two years. As the industry grapples with financing issues, the authors of the forecast anticipate a decline in new supply, resulting in lower vacancy rates and increased rents.

The forecast emphasizes that the rental housing shortage in Los Angeles County persists as a chronic issue, even though the number of delivered units has been above average in the last 12 months. The county continues to struggle to produce adequate housing to meet demand.

Related Posts

Hang-Ten Therapeutics-Surf Therapy for Kids: Catching Waves and Finding your Calm

June 12, 2024

June 12, 2024

A different type of therapy is making waves in Los Angeles. Hang-Ten Therapeutics, founded by Naomi Matanick, a licensed pediatric...

(Video) The Opening of Pico Roots Marketplace in Santa Monica

June 12, 2024

June 12, 2024

Lots of friendly vendors with wonderful gifts, cards, clothing, decor, and coffee beans available at 1819 Pico Boulevard. @smmirrornews The...

Tien Pham Connects Personal History with Role in Robert Downey Jr.’s “The Sympathizer”

June 11, 2024

June 11, 2024

Family’s Harrowing Escape From Vietnam Mirrors the Acclaimed HBO Max Series Vietnamese American actor-musician-producer Tien Pham finds a deep connection...

The Coffee Bean & Tea Leaf Debuts Refreshing Summer Menu with New Boba and Matcha Drinks

June 11, 2024

June 11, 2024

Enjoy Four New Beverages and Exclusive Boba Happy Hours from June 10 to June 13 The Coffee Bean & Tea...

FDA Issues Warning on Potentially Contaminated Shellfish from Oregon and Washington

June 11, 2024

June 11, 2024

Shellfish From These Areas Carries Risk of Paralytic Shellfish Poisoning The FDA has issued an alert advising consumers, restaurants, and...

(Video) Pro-Palestine Student Protesters at UCLA Set Up a Third Encampment on Monday Afternoon

June 11, 2024

June 11, 2024

UCPD and the UCLA Administration almost immediately called in UCPD, LAPD, Culver City Police Department and California Highway Patrol officers....

Pride in the Park: Love, Music, Glamour and Excitement

June 11, 2024

June 11, 2024

Photos from the Concert and Event For Pride 2024 As Pride Month marches on, 2024’s Pride in the Park, produced...

Shutters on the Beach Brings Beachside Spring Celebrations 

June 11, 2024

June 11, 2024

As spring unfurls with super blooms and sunsets after 7pm along the California coast, Shutters on the Beach emerges as the most...

In-N-Out Has Raised Prices Again, But Is It Really About Minimum Wage?

June 11, 2024

June 11, 2024

Prices at the Southland Restaurant Chain Have Been Rising for Years The prices at one of Southern California’s favorite burger...

Mar Vista Residents Alarmed by Surge in Aggressive Coyote Encounters

June 11, 2024

June 11, 2024

String of Attacks on Pets, Daily Sightings Intensify Community Concerns Coyotes are unnerving residents in Mar Vista after a series...

Hotel Casa Del Mar: The Epicenter of Springtime Diversions

June 11, 2024

June 11, 2024

Hotel Casa Del Mar stands as a beacon of vibrant coastal charm on Santa Monica Beach. Perfectly poised, the hotel’s...

Cyndi Lauper Announces Farewell Tour “Girls Just Wanna Have Fun”

June 10, 2024

June 10, 2024

Pop Icon Cyndi Lauper Embarks on Her Final Tour, Tickets on Sale  Pop icon and LGBTQ Ally Cyndi Lauper is...

(Video) Pride In the Park Performances

June 9, 2024

June 9, 2024

Jojo Siwa, Queen Priyanka, RaiNao, MUNA, Ricky Martin. @centurycitywestwoodnews Pride In the Park Performances: Jojo Siwa, Queen Priyanka, RaiNao, MUNA,...

UC Secures Orange County Court Intervention Against UAW 4811 Academic Workers’ Strike

June 9, 2024

June 9, 2024

PERB Files Motion Asserting the Court is Not the Appropriate Venue for Order Following the University of California’s unsuccessful attempts...

Boxer Ryan Garcia Arrested for Alleged Felony Vandalism at Beverly Hills Hotel

June 9, 2024

June 9, 2024

Incident Leads to Potential Charges Amid Personal, Professional Turmoil Boxing star Ryan Garcia was arrested on Saturday for felony vandalism...