Searching for apartments in the LA area – there are 558 listings on zillow in westside LA under 2k$. Many are within blocks of each other, lots are units in the same building. With so much inventory, shouldn’t market forces cause some landlord to lower the rent? Does the economic theory of supply and demand not apply for the housing market?
In: Economics
If no one rents it out over months and the owner is not willing to eat the cost of vacant lots, then yes it will go down. Just because there are a lot of listing doesn’t mean they’re not being snapped up
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