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Southland's Average Rents Overstated

November 10, 2002

The rents quoted in "Rents in Southland Rising at Brisk Pace," (Oct. 17), are from a small survey of large investment-grade apartments. Almost all of these properties rank in the top 5% of rents.

The rents quoted may be accurate for large luxury apartments, but they far overstate average rents in Southern California.

Also, the rents stated are not average rents but the rents for vacancies in these luxury apartments.

In today's rising market, average rents are probably 15% below the rents for vacancies as most owners keep the rents for existing tenants below market.

John Gordon

Pasadena

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