…HIGHER VACANCY RATES FOR EXISTING APARTMENTS
Once again, Californian reporter, Michael J. Williams, does an excellent job of providing information about two very visible construction projects currently underway in the City of Wildomar.
If you haven’t done so already, please click on the following link to be informed:
One issue that William’s article does not deal with is the net impact on the vacancy rate for apartments for rent in the existing apartment complexes just east of the Inland Valley hospital. According to my sources, those apartments are currently only rented to 60%-70% of their potential capacity.
Once construction is completed on the new complexes, admittedly far in the future, there will be additional competition for renters. As result, unless there is an influx of new renters moving into the City of Wildomar, there will be little net gain of sales tax increment going into the city’s coffers from the sale of groceries at Albertson’s.
For a similar reason, unless the new gas station/minimart on Bundy Canyon Road can “capture” northbound Interstate 15 motorists, any gasoline sales to local residents will not increase the sales tax increment for the City of Wildomar.
All of the preceding information is merely economic commentary on the normal ebb and flow of commerce so I am not being critical of the Wildomar City Council or City Staff.
But then, neither is there any reason for excessive celebration on the part of local politicians or bureaucrats, neither of which group is responsible for the existence of either of these projects.
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