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LOS ANGELES-A boom in multifamily has intensified the already notable recovery strides in the California housing market, according to UCLA senior economist David Shulman in an Allen Matkins UCLA Anderson Forecast report. The multifamily market is seeing increased development throughout California and increased investor attention. For this reason, he predicts 400,000 units will come online in 2014 and 2015.

“We think multifamily is in a boom phase because vacancy rates are down to about 4% and rents are rising; on the CPI, they’re rising close to 3%, but they are really going up in the market 4%-5% a year,” says Shulman, adding, “there is a lot of money available for pension funds and private equity firms.”

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