Southern California apartment markets including Los Angeles and Orange County have recently posted revenue growth, one firm reports, with first quarter data suggesting that few residents are moving from rentals to homeownership.
The firm reported an almost $9 million increase in funds from operations year-over-year, while annual same-store revenues and net operating income grew 5.8 and 6.7 percent, respectively, according to Multifamily Executive. In the meantime, executives indicated that both revenue growth and construction activity are increasing in a number of markets, despite a degree of volatility caused partly by the broader economic situation.
Rental property management firms and owners in the San Diego metro area may be impacted by recent troop rotations, the firm told the news source, potentially seeing some changes in rents and occupancy rates as a result.
Overall, the company's report indicates the sector is performing well in that region of the country. Changing macroeconomic conditions may contribute to a degree of continued volatility, but the firm indicates that expectations for the rest of the year are generally positive.