Saturday, October 22, 2005

Rise in Apartment Rents in Orange County

Rise in Apartment Rents in Orange County

Just when I think that I might be able to move out and still be able to stash away some money for the house down payment fund, I see that there's an article about the expected rise in apartment rents in Orange County from www.abc7.com.

Since apartment occupancies are high in Orange County and Los Angeles County currently due to high home ownership costs in these counties, the average rental rate for a two-bedroom apartment is expected to rise to $1,500 and $1,520 per month in Los Angeles and Orange Counties respectively.

During the period of 2001 to 2004, apartment rents increased by 15 percent in Los Angeles County even after alot of the renters switched over to home ownership by locking in the low mortgage rates of that time period.

More apartment buildings are being built as we speak, yet there is a strong demand still from young professionals (ahem, I still consider myself a young professional!) who can't afford houses with the average medium home price at around $400,000.

Orange County Renters should anticipate a rise of 3.5 percent this year for their apartment rents. Approximately, the rates might be $1,200 per month for a one-bedroom, $1,500 for a two-bedroom, and $2,000 for a three-bedroom apartment.

Irvine is supposedly the Orange County city with the highest rent rate, with the average rent for a three-bedroom apartment being $2,058 per month. Compared to a three-bedroom in Anaheim with similar dimensions being $1,494 per month, Irvine is not looking to be best place to live, play, and to retire in.............unless you have loads of money.

With the medium salary of Orange County being $70,000 per year, I'm guessing having loads of money isn't a problem in Orange County.

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