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O.C. apartment rent rates drop 6.7 percent
The number fell to $1,473 in the fourth quarter, compared to the same time in '08.
By Kristen SchottPublished: January 21, 2010 11:33 AM
Photo courtesy of FotoliaAverage apartment rental rates in Orange County dropped 6.7 percent in the fourth quarter, compared to the same time in 2008. The number fell to $1,473, according to stats released by Novato-based RealFacts.
The number began falling after the third quarter of 2008, following a spike in the average asking rent to $1,603. The number dropped to $1,578 in the fourth quarter 2008.
The trend was reflected in Orange County cities – of the 23 tracked by the firm, all of them posted declines in the fourth quarter of last year, compared to 2008. The largest drop occurred in Lake Forest, which saw an 11.4 percent slowdown. Rent fell to $1,347. The next largest negative posting took place in Brea. Rent dipped to $1,287, a 10.9 percent drop.
The smallest decrease occurred in Newport Beach, which reported a 2.2 percent drop. The number declined to $1,902.
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Photo courtesy of Fotolia The number began falling after the third quarter of 2008, following a spike in the average asking rent to $1,603. The number dropped to $1,578 in the fourth quarter 2008. The trend was reflected in Orange County cities – of the 23 tracked by the firm, all of them posted declines in the fourth quarter of last year, compared to 2008. The largest drop occurred in Lake Forest, which saw an 11.4 percent slowdown. Rent fell to $1,347. The next largest negative posting took place in Brea. Rent dipped to $1,287, a 10.9 percent drop. The smallest decrease occurred in Newport Beach, which reported a 2.2 percent drop. The number declined to $1,902. NEXT 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 |
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