A new market research study provides a strong incentive for investors to find acceptably priced rental properties. The study of the 2015 third quarter rental market by Marcus & Millichap reveals strong increases in the Los Angeles residential rental market.
Asking rents were up 7.8% citywide. Additionally, the report predicts rental increases of 4.8% this year. No surprise, then, that apartment vacancy rates have fallen to 2.7%. According to the report, more than 5,200 new rentals came online in Los Angeles with 15,000 units under construction through 2017.
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