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
558 listings, but thousands upon thousands of people all competing for those 558 listings. Someone will eventually be willing to pay whatever price it’s at because every other rent in the area is expensive, so why would they lower it? its quite unfortunate.
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