Demand for apartment rentals rise, inventory low

Apt rent

LA QUINTA, Calif. - Oscar Carreno, his sister and her children got settled in at the new Coral Mountain apartments, next to Costco, in La Quinta.

"I think it's a little bit difficult to find a good apartment," he said. "I think it's great they came up with this new apartment. It's perfect for us."
The affordable housing apartment complex opened in March. Of the 176 apartments, more than half of them already occupied, only 70 were available, according to the assistant manager Tuesday.

"Inventory as a whole is low," said Andi Mallen, with Keller Williams real estate company in La Quinta.

Mallen said since the recession, that's still the trend when it comes to leasing and rentals.
"People have to live somewhere. I think that's causing quite a demand in the need for rentals until people can get back on their feet to raise 20 percent they need to purchase a home again,"Mallen said.

If you're searching for an apartment, Mallen said there are still plenty of options in the Coachella Valley. She encourages you do your homework to find what you need.

"It takes patience and I think you need to think couple weeks out or a month before you can zero in on what you're looking for," she said.

As for Carreno, he's happy to settle in to his new apartment.

"I think we got real lucky finding this place," he said.

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