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Reviving Multifamily Housing Development: - page 10 / 28

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NEW APARTMENTS - IN PLACE BEGINNING 2011/12 CONSTANT 5% MARKET VACANCY

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000

Los Angeles County Orange County Inland Empire Ventura County

0 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

SOURCE: Marcus & Millichap (builds on projected 2009 vacancy) ; modified SCAG population projections

March 23, 2010

10

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