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Orange County Apartment Rental Market Trends (http://www.apartmentratings.com)
Orange County Apartment Rental Market Trends (http://www.apartmentratings.com)
Declining Orange County Apartment Rental Rates
According to the Orange County Register article dated July 25, 2010 by Jonathan Lasner, Orange County apartment rents are down 2% compared to last year at this time. This number is stunning. Orange County has not seen such a large drop since 1940.
This nine month streak of declining rental rates has been discouraging to say the least with June’s annual rate at the smallest decline at 0.4%. Some say that we are now on the rental rise after hitting rock bottom at the close of 2009. This is now becoming a renter’s market and individuals across Southern California are not willing to pay premiums for apartments and condominiums. With the surge of low rent opportunities and homeowners putting their own homes on the rental market scene, landlords are hopeful that this is the answer they have been waiting for.
Nationwide Apartment Rental Market Still Suffers
The question still remains: Are there too many rentals for the amount of renters? With the unemployment rate at an all time low and the economic downturn in full swing, I highly doubt that there are too many options for too few people. Even with the new marketing approach to lure in renters, 6.4% of Orange county’s apartments were empty the 2nd quarter. Even though the OC does not have the lowest vacancy rates in the apartment market, the nation claimed a 7.8% vacancy rate last
