Report: Irvine Rental Market Slightly Down, Orange County's Is Up
The average rent for an apartment in Orange County reached $2,046 in July, about a 2% increase from the same time the previous year, according to RentCafé, citing data from YardiMatrix.
Irvine saw a nearly 1% slowdown in rent growth due to the 1,730 new units delivered last year and 700 units in 2016, a RentCafé spokeswoman told Bisnow. The average price for an apartment in Irvine is $2,354.
The rents in Orange County reflect a nationwide trend.
Despite an influx of new apartments, demand for rentals and prices continue to rise. The national average rent was $1,409 in July, up by 2.8% year over year. Nearly 283,000 units nationwide are expected to come onto the market this year, according to RentCafé.
“Seasonal demand and increased activity are offsetting the wave of new apartments opened this year so far, translating into an even, but moderately strong yearly growth across all apartment sizes,” RentCafé analyst Nadia Balint wrote on the RentCafé blog.
The Los Angeles-Long Beach-Anaheim metro area is expected to deliver 11,449 new units this year. Los Angeles' average rent is $2,389, a 4.64% jump from the previous year.
Newport Beach had one of the highest rent hikes in Orange County with the average price for an apartment at $2,723, rising 4.1% year over year. A two-bedroom apartment in Newport Beach will cost renters $3,148, a 5% jump from the previous year, according to RentCafé.
Other major submarkets in the county — Anaheim, Costa Mesa and Huntington Beach — saw rents go up by 1% to 4%.
The average rent in Anaheim is $1,745, a nearly 4% increase from the previous year. Costa Mesa's is $2,040, a 3.6% jump. In Huntington Beach, average rent for all apartments is $2,014, a 1.2% increase.
