Victor Valley – High Desert The High Desert has experienced steady growth for the past decade with an increase of 16,900 residents in 2008, a year most California communities experienced significant declines in population. While population growth has slowed since the peak of 27,700 net residents in 2006, the High Desert is still experiencing an annualized population growth rate of 4%. As of January 1, 2009, the population for the Victor Valley including unincorporated areas was 443,516. The US Census Bureau stated in 2008 the second fastest growing city in the nation was Victorville, California. Multi Family vacancy rates reached 9.4% in the first quarter of 2009, with a five year annualized rate of 3.9%. The increase in vacancy is primary attributed to the low cost of single-family housing that has become readily available. However, inventory of single-family houses has decreased significantly in the second quarter of 2009 with only 1.8 months of inventory, compared to 17 months of inventory for the same quarter in 2008. A five year forecast by REIS projects vacancy rates falling to 5.6%, a result of population growth, limited inventory and the lack of new construction. In addition, REIS has forecasted “Asking Rent Growth” for the Victor Valley of 3.7%, annualized for the next five years. Current average rents for a one bedroom and two bedroom apartments are $639 and $733, respectively. The High Desert offers tremendous opportunity in the multi-family sector.
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