Several companies have provided Rent Surveys for Orange County and all are showing that rents rose in 2011 and they predict further increases in 2012.
Big landlord Essex Property Trust says its market forecast for Orange County shows local “effective” rents now rising at a 5.8% annual rate. Essex’s Erik J. Alexander told investors in a recent conference call “I would say that we were pleasantly and remain consistently pleased with the results in Orange County” In Orange County, Essex owns Anavia and Barkley in Anaheim; Valley Park in Fountain Valley; Capri and Wilshire Promenade in Fullerton; Montejo in Garden Grove; Huntington Breakers in Huntington Beach; Axis 2300 in Irvine; Hillsborough Park in La Habra; Trabuco Villas in Lake Forest; Fairways Apartments in Newport Beach; Villa Angelina in Placentia; Brentwood, Treehouse and Essex Skyline in Santa Ana.
“So, apartments of all flavors from luxury to affordable should do quite well with very high occupancies and rent growth approaching 7% in some submarkets.” said Patrick Simons, founding principal at apartment tracker Strategic Property Economics.
Equity Residential, A major apartment owners with 11 Orange County complexes, told Wall Street analysts recently that it sees local rents rising by as much as a 12 percent annual rate soon. Equity’s holdings inOrangeCounty include: Avanti Apartments, Anaheim. Sonterra at Foothill Ranch. City Pointe Apartments, Fullerton. Regency Palms Apartments, Huntington Beach.Kelvin CourtApartments, Irvine. Toscana Apartments, Irvine. Villa Solana Apartments, Laguna Hills. Windridge Apartments, Laguna Niguel. Siena Terrace Apartments, Lake Forest. Vista Del Lago Apartments, Mission Viejo. Skyview Apartments, Rancho Santa Margarita
Apartment Rents up 4.3%: The average apartment in large Orange County complexes saw rents take their fourth consecutive rise in the third quarter — and they’re up 4.3% in a year, according to apartment tracker RealFacts.
The above information was compiled from several articles… see below links for more details:
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. On his website you can search for homes and obtain an instant home value report: 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