REAL ESTATE : Apartment Occupancy Rate at 97.6% in South County; Irvine Has Highest
- Share via
South Orange County’s apartment market is strengthening, according to a new report, with both rental rates and occupancy levels on the rise.
The apartment occupancy rate for South Orange County now stands at 97.6%, up slightly from the 96.1% recorded during the first quarter this year, according to Research Network, a real estate data firm in Laguna Hills.
Cities with the highest occupancy rates are Irvine at 98.6%, Newport Beach at 98% and Laguna Hills at 98.3%. Irvine, with a 2.8% increase in occupancy rates from earlier this year, showed the biggest jump, the study found.
Newport Beach, with an average monthly rent of $987, is still the most expensive place to rent a typical apartment in South Orange County. Average rental rates in the area inched up from $856 a month to $858, the report said.
“While not dramatic, the increase in rates indicates a stability in the South County’s apartment market,” said Pam Wooldridge, author of the study. Another sign of improvement: fewer enticements, with only 57% of the apartment complexes surveyed offering incentives--one month rent-free, for example. That compared to 75% earlier this year.
The study tracked 138 South County apartment properties with a total of 31,000 units.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
