According to Senior Writer Samantha Mehlinger of the Long Beach Business Journal, the rise of the economy has increased both sales and rents of single family and multi-family housing, leaving behind very little inventory. The article states that the average home which used to sell over a period of 6 to 7 months is now selling at an average of 3.6 months. Generation Y also known as the millennials, have moved out of their parents home and are looking for new residence. As a result, rents are at an all time high but prices have not discouraged renters in applying. Last month we had a median of 800-900 unique visitors visiting our website with more than half looking of them looking for rentals.
Robert Kleinhenz, an economist and director of Beacon Economics stated that homeownership is at its lowest in about 40 years since most prefer to rent then to come up with the down payment required to own a home. The most recent multifamily project is located Downtown, Long Beach and known as The Current. Similar apartment homes and condos are projected to be in route as Long Beach continues to expand.