Stephen Ryan was quoted in a Nov. 14, 2012 article in the Daily Journal about the recent boom in the apartment rental market in California and the uptick in the development of multi-family housing projects that has accompanied it. Citing RealFacts, the article noted that between the third quarter of 2010 and this year, average housing rents in Los Angeles rose from $1,830 to $2,073.
Ryan attributed the increased apartment housing demand to aging baby boomers and members of Generation Y wanting to move to urban centers. He noted that all areas of the firm's real estate practice have been busy from the predevelopment side to construction and financial.
“The short-term reasons are compelling,” he said. “You've got interest rates that are essentially free. Debt financing [is] incredibly strong, especially niches like affordable housing, which accounts for half of the multifamily housing.”