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San Diego County
Both the apartment vacancy rate and average rent both increased. San Diego economic conditions still indicate that the market is growing.
Foreclosure activity continues with an increase in notices of 140% compared to the same time last year. Southern California as a whole witnessed an increase of over 160% for the same period.
- New apartment construction continues to be subdued.
- Absorption of apartment units increased in the last quarter of 2007.
- Multi-family permit activity increased by over 44%.
- Average rent increased $74 for the year ending September, 2007.
Orange County
The local apartment market has become one of the nation's strongest over the past few years.
- Local area apartment demand surged in the latter of the year.
- Developers delivered more than four times the number of apartment units as compared to the prior year.
- Multi-family permit activity was for over 1700 units.
West Los Angeles County
The synergy created by the economic growth and new development throughout West Los Angeles has also generated vigorous demand for apartments.
"West Los Angeles remains the most active of the L.A. markets in terms of new apartment construction, with more than 7,500 units underway, planned or proposed."
- Absorption measured 450 units whereas 244 units came online (down by 56% for the same prior year's period).
- New construction has outpaced the absorption by over 40% compared to the prior year.
- Rental growth slowed down to 5.1% from the prior year's rate of 9.0%
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