Despite historic supply growth, East and South Bay multifamily developers say market woes should be limited to shorter-term leasing challenges rather than plummeting rents.
Marketwide average rents in the South and East Bays have yet to fall much from their highs despite the downturn, CoStar data shows. As of June 1, asking rents in the South Bay were down by 2.86% year-over-year, while in the East Bay they were down just 0.71% compared to that time last year, according to CoStar.
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