2021 USC Casden Real Estate Economics Forecast

Southern California Renters Are Leaving Downtowns And Bringing Potential Rent Increases To The Suburbs … At Least For Now
By: USC Lusk
LOS ANGELES - May 19, 2021 - PRLog -- The 2021 University of Southern California Casden Economics Forecast, an annual prediction of future rent and vacancy rates across five SoCal regions, reveals that a pandemic-driven exodus of renters from downtown could bring the highest rent increases to the suburbs over the next year. It could also lower the price of renting in the densest areas of Los Angeles.

The forecast report – the first since before Covid-19 reached the U.S. – notes that these projections could be temporary and traditional forecasting models cannot account for unprecedented rapid shifts in human behavior brought on by the pandemic.

Regardless, the marked change in lifestyle over the last 18 months has shifted a number of trends related to rents and vacancies. As a result, rent is projected to decrease 1.2 percent in Los Angeles' Koreatown and increase 9.9 percent in the Rancho Cucamonga-San Bernardino submarket of the Inland Empire.

Of the five regions included in the annual forecast -- Los Angeles, Orange, San Diego and Ventura counties, and the Inland Empire -- Los Angeles County is the only one with any submarkets projected to have lower rents.

The complete 2021 USC Casden Real Estate Economics Forecast, which contains additional analysis of dozens of submarkets that comprise the five larger markets in Southern California, was presented to industry professionals on May 17, 2021. The full report is available to the public at https://lusk.usc.edu/forecast-report/2021-casden-spring-multifamily-forecast-report.

For more information, please visit www.usc.edu/lusk.
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Location:Los Angeles - California - United States
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