The slow and inconsistent recovery of the Southern California’s big four apartment markets continued into 2nd quarter 2012, with weak demand and subpar rent growth.
Southern California Industry News and Data
LA’s apartment market posted solid rent growth in 1st quarter, but occupancy improvement remains elusive.
For the first time in the cycle, most of Southern California’s markets posted meaningful rent increases about in line with the upturn recorded for the nation as a whole.
The U.S. apartment sector enjoyed such a strong year in 2010 that even the nation’s hardest-hit markets began shifting into recovery mode.
Southern California’s apartment sector saw very muted revenue growth in 2010, with one big exception: Ventura/Oxnard.
Like most Southern California markets, the Riverside/San Bernardino area lagged behind the national norm for apartment market revenue growth in 2010.
Apartment market fundamentals throughout Southern California continue to get a little bit better, but the region as a whole lacks the pronounced momentum registering in the performances seen across most other parts of the country.