OC Apartment rents increase in most cities

Posted by Scot Campbell  Source:  OC Register 4/24/2011 Jeff Collins

According to an article written by Jeff Collins of the OC Register, apartment rent increased in all but four Orange County cities included in RealFacts’ first quarter survey of large Orange County complexes.

Santa Ana had the biggest increase, seeing its rent jump $101, or 7.9%, from the fourth quarter of 2010 to the first quarter of this year, RealFacts figures show.

Overall, RealFacts reported that the average asking rent at Orange County apartment complexes of 100 or more units increased $30 — rising to $1,506 a month.

Potential homebuyers who have elected to wait longer before purchasing are helping to push up rents in Orange County and Huntington Beach.  I have been doing rental service for a townhouse in Huntington Harbour every year for the last three consecutive years and this year we just leased the unit for $200 more than last year… an increase of about 8.5%. 

According to the apartment rent study, the average rent in Huntington Beach increased $7 to $1,414 per month.

With mortgage rates within 50 basis points of a 40-year low, the affordability of homes is the highest we have seen in years.  Buyers remain concerned about the future of home prices, but as rents continue to climb it seems certain the buyers who can qualify will begin purchasing again.  Homes in Huntington Beach and coastal cities priced under $600,000 are especially attractive when compared to renting.

To read the entire article go to:  http://lansner.ocregister.com/2011/04/25/apartment-rent-jumps-101-in-santa-ana/107913/

Scot Campbell is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA.  He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable.  View his website: www.RealtyDigestOnline.com  He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com

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