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
Well it isn’t like nobody is taking those 558 listings. People must be ready to occupy/take it at price offered.
Unless you see them being vacant for a considerable duration where nobody will pay the asking price, then we might talk about the economic forces and all that.
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