Long Beach Apartment Boom: Experts Agree All Indicators Remain PositiveRelease Date: 2018-07-30
By: Brandon Richardson
Demand for housing is not being met statewide, and cities are scrambling to catch up. With thousands of units under construction or planned, and ever-increasing rents, Long Beach is no different. According to experts, the recent fear of rent control in Long Beach brought a general sense of caution to the multi-family residential market. However, that fear has been put at ease for now, with a local rent control initiative failing to receive enough signatures to be put on the November ballot.
“We saw a lot of highly active buyers in the Long Beach market holding off on making any purchases in the city,” Steve “Bogie” Bogoyevac, vice president at Marcus & Millichap and founder of the company’s Bogie Investment Group, said. “So we saw probably the most amount of inventory on the market in Long Beach that we’ve seen in years.”
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