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Los Angeles Apartment Rents Skyrocket
The average monthly apartment rent in the Los Angeles metropolitan area grew 1.5% in the first quarter of 2007 to $1,588, according to a report by RealFacts of Novato, CA. This was the second quarter in a row that growth was just under 2%. In the past four years, rents in Los Angeles County have increased by 23% while all six Southern California's counties soared a collective 20%.
Los Angeles Rent Control Law on Section 8 Housing Is Held Invalid
The "Section 8" housing assistance program funded by the U.S. Department of Housing and Urban Development (HUD) provides rental assistance to senior citizens, disabled or handicapped persons and low-income tenants... (read more)
Los Angeles Apartment Building Rents on the Rise
The Los Angeles area remains one of the most expensive rental markets on the West Coast, according to a RealFacts study. Average rents in Los Angeles, Long Beach and Santa Ana edged up by 1.9 percent during the third quarter from the prior three-month period and jumped by 6.3 percent from a year ago. Area occupancy rates remained stable at about 95 percent for the past three years which has allowed landlords to increase rents at an acceptable rate.
West Coast Apartment Building Rents Remain Listless
West Coast apartment rents were stagnant in the first quarter as rental increases barely matched the rate of inflation, according to a study by RealFacts. Only three of the 30 markets surveyed experienced rental growth in the first quarter. The three that saw rent increases were the Los Angeles/Santa Ana region, Las Vegas and Fresno County, CA. The remaining markets either saw rents stay flat or fall. Among the markets that saw rents fall were Kansas City, Oklahoma City, Boise, Colorado Springs, Denver, Portland, Salt Lake City, Seattle and the Bay Area. The result is that vacancy rates for apartments have climbed, stanching landlords' ability to hike rents.
Milestone Completes $1 Billion Apartment Building Buy
The Milestone Group, a real estate investment firm that resulted from the spin-off of a venture between Olympus Real Estate Partners and Insignia Financial, has completed the $1 billion purchase of a massive portfolio of apartment properties in the sunbelt region of the United States. Milestone teamed up on the purchase with Dubai Investment Group, which is based in the United Arab Emirates. The portfolio contains 69 properties with a total of some 21,000 units and is concentrated in the Houston and Dallas markets. Other properties are in the Austin, TX, Jacksonville and Tampa, FL markets, Phoenix, Nashville, TN, and Atlanta. The portfolio of class-B properties is 92 percent leased. |
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