Happy Days for OC Multifamily Landlords
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|The USC Casden Multifamily Forecast confirms what landlords and renters alike know: rents are on the way up. For Orange County, says forecast author Tracey Seslen, that means an increase of 3.3% to $1.78/SF this year, with total growth of 5.1% to $1.83/SF by the end of 2013. Positives (for landlords) include the fact that even now, home prices are exceedingly expensive in Orange County, and so that form of dwelling doesn't offer much competition with apartments. Negatives include the fact that about 3,000 new multifamily units are coming on line this year, though almost all of them will be in the Irvine submarket.|