ECONOMIC NEWS
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O.C. rental rates decline, continued ...
There are more than 120,000 units at 491 properties in O.C., and the occupancy rate fell very slightly – 0.2 percent – to 93.6 percent in the fourth quarter. And Sarah Bridge, owner of RealFacts, says the number seems to be leveling off a bit.
But, she says we won't see any real turnarounds until the unemployment situation improves nationwide.
"Unemployment stats match occupancy rates," notes Bridge. "When that improves, so will occupancy for rental housing."
Bridge does add that she expects some improvement this year, through nothing significant until 2011.
For all of Southern California, the average asking rent fell 6 percent to $1,389 in the fourth quarter, and occupancy was at 93.8 percent – a small improvement of 0.2 percent. Nationwide, the average rent fell 6.1 percent in the fourth quarter, compared to the same time in 2008. The number dipped to $933 per month. Occupancy was also down.
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O.C. rental rates decline, continued ...
There are more than 120,000 units at 491 properties in O.C., and the occupancy rate fell very slightly – 0.2 percent – to 93.6 percent in the fourth quarter. And Sarah Bridge, owner of RealFacts, says the number seems to be leveling off a bit.But, she says we won't see any real turnarounds until the unemployment situation improves nationwide.
"Unemployment stats match occupancy rates," notes Bridge. "When that improves, so will occupancy for rental housing."
Bridge does add that she expects some improvement this year, through nothing significant until 2011.
For all of Southern California, the average asking rent fell 6 percent to $1,389 in the fourth quarter, and occupancy was at 93.8 percent – a small improvement of 0.2 percent. Nationwide, the average rent fell 6.1 percent in the fourth quarter, compared to the same time in 2008. The number dipped to $933 per month. Occupancy was also down.
<< PREVIOUS PAGE
Related headlines
O.C.'s median home price jumps 9.6 percent
Newport Beach's Conexant sells land for $26 million
Santa Ana's First American CoreLogic: foreclosures up
O.C. fairgrounds: Highest bid comes in at $65.5 million