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USC Casden Forecast Predicts Tighter SoCal Multifamily Market

The 2017 University of Southern California Casden Economics Forecast predicts that rising employment combined with an ongoing lull in homeownership will again drive rent increases over the next two years throughout the region.

The forecast, which is produced annually by the USC Lusk Center for Real Estate in partnership with Beacon Economics, found that by 2019, average monthly rents are expected to increase over 2017 levels by $136 in Los Angeles County, $149 in Orange County, $124 in the Inland Empire, $121 in San Diego County, and $98 in Ventura County.

USC Lusk Center’s Richard Green, who co-authored this year’s forecast, says, “It’s certainly no surprise to anyone – developers, landlords, tenants and elected officials – that available units are becoming more scarce and more expensive in Southern California. As employment and wages improve in the region, homeownership remains stagnant. This combination is a key stressor in the availability and cost of apartments, and has an increasing impact on the local economy.”

Regional outlooks:

Los Angeles County
2017 Levels: $2,237 average rent; 3.94% vacancy rate
2019 Forecast: $2,373 average rent; 3.91% vacancy rate

Orange County
2017 Levels: $2,008 average rent; 3.87% vacancy rate
2019 Forecast: $2,157 average rent; 3.50% vacancy rate

San Diego County
2017 Levels: $1,927 average rent; 3.92% vacancy rate
2019 Forecast: $2,048 average rent; 4.03% vacancy rate

Ventura County
2017 Levels: $1,956 average rent; 3.78% vacancy rate
2019 Forecast: $2,054 average rent; 3.93% vacancy rate

Inland Empire
2017 Levels: $1,449 average rent; 4.18% vacancy rate
2019 Forecast: $1,573 average rent; 3.8% vacancy rate

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Read more at USC Casden Economics ForecastConnect With USC Lusk Center’s Green

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.