ORANGE COUNTRY: Apartment Market Seeing Permanent Change
Zillow chief economist Stan Humphries tells us that conditions bode well for apartment demand in SoCal, thanks to long-term structural changes in the way people live. For-sale housing is also bouncing back, but despite that "demand will continue to fall heavily on the rental side, because a lot of people still have impaired credit, and the Gen Ys are still less than sanguine about buying a place to live," Stan says. (No need to buy when you spend most of your time living in World of Warcraft.) People are also moving out of the doubled-up arrangements with roommates and family members that the recession forced on them. They usually rent their own place before buying.