LA population growing faster than housing stock

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Just like the prices for every other commodity, pricing for housing units (eg rent) is governed by supply and demand.

Between 2016 and 2017, Los Angeles gained ~40,000 people (taking us above 4MM for the first time).

The number of apartments delivered, in the midst of a historic boom in multifamily construction: ~13,000.

Depending on how many people you think fit in an apartment (and my guess is that the median is something like 2), construction is either falling behind population growth by a little or a lot.

Either way, expect more rent growth in the next year or so.

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