| Metro area | 3Q08 | Rank |
|---|---|---|
| Tulsa, OK | 7.7% | 1 |
| Oklahoma City, OK | 6.6% | 2 |
| Tacoma, WA | 6.1% | 3 |
| Salinas, CA | 5.7% | 4 |
| Salt Lake City, UT | 5.6% | 5 |
| Jackson, MS | 5.5% | 6 |
| Nassau-Suffolk, NY | 5.3% | 7 |
| Boulder, CO | 4.2% | 8 |
| Seattle | 4.1% | 9 |
| Savannah, GA | 4.0% | 10 |
| O.C. | 0.2% | 60 |
| U.S. | 0.8% |
Big O.C. landlords are finding it harder to raise rents, with the annual pace of hikes during the third quarter up barely 0.2% at the largest complexes, reports Axiometrics.
In June, the Dallas-based apartment analytics firm predicted O.C. rents could drop 3.1% on an annual basis this year. The third quarter number doesn’t bode well because it typically is the best quarter of the year.
O.C.’s third quarter performance dropped us to No. 60 out of 88 U.S. metropolitan areas in terms of pricing power, down from our No. 58 ranking reported last month.
Rent increases have slowed dramatically nationwide, says Jay Denton, who crunches the numbers for Axiometrics. Third quarter rents across the country were up 0.8% annually, down from 2.1% last year and 5.3% in 2006.
“We haven’t had this kind of annual rent growth for the U.S. since the first quarter of ‘04 right after nine straight quarters of negative rent growth,” he said.
He blamed rising unemployment and foreclosures, which are increasing the number of competing rental homes and condos on the market.
O.C. landlords can at least be grateful they aren’t in Florida, which had the four worst rental markets, with Naples-Marco Island at the bottom where rents were down 10% on an annual basis.
And look at the accompanying chart to see Axiometrics’ top rent growth markets with annualized rates of hikes!
For more on rents…
- Gov. vetoes foreclosure help for Calif. renters
- O.C. tenants pay 6th highest renting costs
- O.C. home values ranked 7th in nation
- Renting for many a matter of $$$
- Housing takes bigger bite out of income
- SoCal rent hikes lowest in 8 years
- O.C. rent hikes trail U.S.
- Why buy, when you can rent?
- Rent a bargain vs. homeownership
- Pricey, new apartments may force O.C. exodus
- 4 of O.C.’s 7 biggest cities lose population
Miss these O.C. business stories …
- Does Uncle Sam owe you a rebate?
- O.C. ‘08 bankruptcies jump 93%
- Judge to Feds: Give back billionaire’s jet or open a Pandora’s box
- Kim Kardashian has good plastic-surgery advice for fan
- $1.3 million O.C. wedding for sale at Neiman Marcus
- O.C. homebuying takes biggest jump since ‘96
- Pimco wants to manage gov’t-seized assets
- Never mind the heat - fur goes on sale
- Surf City places 2 ZIPs on U.S. priciest homes list
- O.C. listings of distressed homes 6% off peak
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I live about 3/4 mile from the beach and haven’t seen a rent increase since I lived here (26 months and counting).
May’be some of the bears were right.
oh yeah Greg, we the realists (some people call us “bears”) were right. California is in a recession already and the OC is not immune to that.
The party is over folks. No more easy money. You’ll have to actually make good money to keep your lifestyle. What a concept!!!
This video is not related to the subject but this might be another reason why McCain is going to lose the election.
Jon, mega technical difficulties on the entire website…
Next step to fall: RENTS!
The problem is very simple, OCers currently pay way too much of their income for housing … rents and mortgages. It’s unsustainable.
Greg I have been in my place 24 months and no rent increease and I live just as close to the beach. In fact the I got my landlord to replace all the faucets and re-lanscape the ouside. Unless prices get closer to fundamamentals I see no reason to purchase in my area. I live within my means and have plenty left over to have fun. No reason to be house poor and stuck.
Gotta love working for a bank……….
Got the day off and it’s such a nice day! Catch you guys later this afternoon when I pick the kids up. Here comes all the banking holiday season!!!!!
THE ECONOMY IS SO HORRIBLE I HAVE TO EAT A SQUIRREL FOR BREAKFAST THIS MORNING!!!
There’s just over a thousand new “luxury” apartment units now finishing construction in Anaheim’s Platinum Triangle. These will all be ready for move-ins during Q4 and ‘09 Q1.
stashingmycash Says: “In fact the I got my landlord to replace all the faucets and re-lanscape the ouside.”
It must be nice to be a renter nowadays. Good for you guys. I should’ve sold 2 years ago and started renting but my wife didn’t want to.
You guys get to enjoy the place and the landlord gets to pay for all the repairs and the headaches of being a landlord. Not a bad deal…
mulligan…i second that…brutal site altogether from a technical perspective and this blog is almost impossible to post to.
Is the stock market seeing a “dead cat bounce”? Or is this just a sucker’s rally?
Dow is now up over 600 to past 9,000 now.
Nice Topic…really engaging
the game is over.
a new game is well underway.
you go to college and run businesses under assumed rules of an assumed game.
this ‘fixing’ is no more than a stripping of rules from a game.
a game with ever changing rules and rules that only apply to indeterminate groups is synonymous with a game that has no rules at all.
what do we call this sort of game? chaos.
Marcia has a question that represents the pristine beauty of the situation…nobody on this blog knows, nobody that anyone on this blog knows will know.
JPMorgan himself knows…understand that clearly.
in vegas, you are at odds with statistics and probability.
on wall street, you are at odds with people pulling strings.
now we have such clouded waters that any move you make on wall street with any investment is at the whim of either corrupt elites or the fanatical, emotional whim of fellow investors…chaos.
we could introduce capital into society in limitless ways to improve the flow of money and to generate positive motion…everything thus far has focused on the fed and the introduction of more DEBT based injections.
We must vote out every incumbent, vote in EVERY unknown into congress…house and senate…then in 20 years the president.
limit the terms on these people. get fresh blood in there every single voting session…career politicians are complicit if not participants in the corruption of this incredibly great nation.
sorry, blame it on my A.D.D…were we talking about rents?
yes, they are up? oh, you said down? yes, they are down…wow.
rents up or down is just CRAZY stuff, huh? mind blowing stuff…
LIAR LOAN
IM TAKING MY PROFITS FROM LAST FRIDAYS TRADES
BOUGHT GS 85.50 SOLD 104.89
BOUGHT MS 7.94 SOLD 17.30
BOUGHT UYG 8.06 SOLD 10.80
NOT BAD FOR NOT EVEN 2 DAYS OF TRADING….LOLLL
WELL I GUESS I WAS LUCKY AGAIN AS A SPECULATOR IN THE MARKET…….LOLLLL
ITS CALLED
LUCK
L= LABOR
U=UNDER
C=CORRECT
K=KNOWLEDGE
AND I NORMALLY SHORT THE MARKET
WELL THERE U GO AND THERE IS MORE TO COME
HEY NOW THAT IM EVEN MORE FLUSH WITH CASH ANY REALTORS WANNA SELL ME SOMETHING………LOLLLL
I LOVE RENTING IN NEWPORT BEACH…..
MY MOVE TO NEWPORT COAST NOT FAR EITHER WHEN I DO DECIDE TO BUY
WEEEEEEEEEEEEEEEEEEEEEE TIME TO GO OUT AND PARTY
i hope my landlord doesn’t mind….
… i think i might rent our our beautiful finished garage…
… i imagine there will be a market for such accomodations soon…
… especially in beach cities, right jimmy?…
… honky, how did you prepare the squirrel?…
… lulz…
TO NATIONAL BUBBLE
It must be nice to be a renter nowadays. Good for you guys. I should’ve sold 2 years ago and started renting but my wife didn’t want to.
HOW MANY TIMES HAVE I SAID U CANT ASK A WOMAN THEY BASE DECISIONS ON EMOTIONS….
BASE DECISIONS ON FACT LIKE U HAD AND LOOK WHERE U WOULD BE TODAY U WRE A REALIST NOT AN EMOTIONALIST
WELL ILL I CAN SAY IS NEXT TIME SHE ASKS FOR MONEY SAY GO SPEND THAT EQUITY U LOST US FOR NOT DOING THE RIGHT THING…..LOLLL
AS U CAN TELL IM NOT MARRIED……LOLLL
WHERES MULLIGAN HEAD
I NEED SOMEONE TO WASH MY CAR AND A NEW MAID……LOLLL
Hwood,
You’re an insane man.. Nice job on those trades.
Marcia,
Looks like a test of the 10,000 level.
I lost a little profit on that vicious bounce. Got stopped out.
As for me, about to sign a new lease. I got an increase of $20 bucks.
# meltdown Says:
“As for me, about to sign a new lease. I got an increase of $20 bucks.”
–
Don’t sign!!! :)
I rent went up here in Lake Forest $130 per month after one year!!!
I wish this were tur where my husband and I live, but sadly it isn’t. We live in Huntington Vista Apts., on Brookhurst, and when our lease was renewed our rent went UP $80.00. This complex has no compunction abou traising rents when leases are up. I really wish that they would take into consideration what’s happening with the economy and show show genuine compassion for their renters.
Scott Potter-
Must be time to move to a nicer place, given what’s coming on line.
Hwood…just for the record, I was the one in our two-some that wanted to sell our home in Anaheim Hills and start renting at the end of 2005, not my husband. He didn’t want to move.
But I agree with you. Alot of folks still are under the delusion that a house is a “home”, even if it now costs over half a million bucks.
Maybe when the house was $80K could I agree with that. But the minute it went north of a quarter of a million bucks, it blew past being a “home” and went into the “this could ruin us financially if we don’t pay attention” category.
Scott,
It’s called denial.
They prefer vacancy to rent reductions or rent stability.
It’s a transitory stage during which some are subject to increases while others aren’t. A lot of turnover in the places with increases.
That will change as the reality of the market becomes obvious.