Sacramento just released the population statistic for California and the rate of increase was less than one percent, the lowest rate recorded in history. According to the Department of Finance, California increased its population by 353,000 from July 2008 to July 2009 bringing the total population to 38.5 million.
Keep in mind that California also has approximately 1.8 – 2 million illegal immigrants as well, which would bring the total closer to 40 million.
The only time the state has seen a slower growth rate was in the years from 1994 to 1996. However, note, California is still where most people are moving. According to a UHaul study, of the 50 top locations in the U.S. where people move 10 of them are in California – representing 20% of all moves.
Slow growth impacts property owners and those renting apartments, shopping centers and office buildings. Experts are anticipating slow growth leading to moderate growth for California for the coming few years.
Still, Los Angeles remains the top place for inbound moves, although 3rd in the nation, whereas San Diego is 11th, Sacramento is 15th and San Francisco is 19th. Result: Apartments for sale and rent in Los Angeles, San Diego, Sacramento, and San Francisco will be where the demand will be. Although, some residents will take the more inexpensive route and find apartments for sale and rent in suburbs and outlying areas such as the Inland Empire (Riverside and San Bernardino), Orange County, Long Beach and areas such as Oakland or Contra Costa.
By Michael Duhs, Managing Broker of East West Commercial at (949) 939-8352, specializes in apartments for sale and senior housing for sale in California: counties of Los Angeles, Orange County, San Diego, Riverside, San Bernardino and San Francisco. East West Commercial is seeing its Commercial REO and Apartment REO business increase throughout California. Contact Apartment Broker Michael Duhs at http://www.EastWestCommercial.com for investing in commercial properties for sale or coming to market.
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