Orange County Register

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Here’s a little stimulus created by an oversupply of apartments, from the latest quarterly report on conditions at Orange County’s larger complexes by apartment tracker RealFacts shows in the third quarter …

• Average rents at large Orange County complexes in the past quarter were $1,523 – that’s down $80 a month (or 5%) in a year. It’s the fourth consecutive quarterly year-over-year drop.
• This is the biggest yearly drop since RealFacts started watching O.C. apartments in 1994.
• At $1,523 average rent, Orange County is back to 2006 fourth-quarter rents by this math.
• Nationally, average rent — year over year — fell 3.7%.
• Average vacancy at these big Orange County complexes was 6.6% vs. 5.3% a year ago.
• However, vacancies fell from the second quarter by 1 full percentage point, biggest drop in 7 years. To RealFacts, this is the first sign that the market may be slowly turning from renters’ control back to the landlords.
• Overall thoughts on O.C. market? Says RealFacts: “It’s a blue chip market….It won’t go down as far and will recover faster than other markets across the country.”

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