A Snapshot of Rents in LA, Inland Empire, and Orange County

Lisa Mailhot  |  March 15, 2024

Buyers

A Snapshot of Rents in LA, Inland Empire, and Orange County

 

The rental landscape in Southern California is a tale of contrasts, with Orange County standing out as an outlier amidst the broader regional trends. While apartment rents in Los Angeles County and the Inland Empire have experienced a downturn, Orange County remains steadfast, with rents continuing their upward trajectory for the 13th consecutive year.

According to Apartment List's index, average rents climbed in 12 out of the 13 Orange County cities tracked as of January. This relentless rise in rental costs starkly contrasts the neighboring regions, where rents were down in eight out of nine cities in Los Angeles County and fluctuating in the Inland Empire, with four cities seeing an increase and six experiencing a decrease.

The divergence in rental trends highlights the unique dynamics in Orange County's housing market. Despite the broader economic factors that have led to rental relief in other parts of Southern California, Orange County's desirability as a residential destination has maintained a strong demand for rental properties, allowing landlords to command premium prices.

The disparities become more apparent as we delve deeper into the specific rental figures. Cities like Irvine, Newport Beach, and Laguna Niguel are leading the charge, with rent increases ranging from 0.1% to 2.3%. Conversely, in Los Angeles County, Santa Monica and Los Angeles have seen rents drop by 5.4% and 4.0%, respectively, offering some respite to tenants grappling with affordability challenges.

 

The Inland Empire presents a mixed picture, with cities like Chino Hills and Temecula witnessing notable rent hikes of 3.6% and 2.8%, respectively. In contrast, others, such as Riverside and Moreno Valley, have experienced decreases of up to 4.0%.

As the rental landscape continues evolving, renters and landlords need to stay informed about these localized trends. For those considering a move within Orange County, the persistent rent increases may necessitate careful budgeting and strategic planning. Conversely, those exploring opportunities in Los Angeles County or the Inland Empire may find more favorable conditions for securing affordable rental housing.
Reference: "See where rents are falling or rising in LA, Inland Empire and Orange County," Orange County Register, January 2024.

Bottomline

With rents continuing to rise, now is the time to seize the opportunities available in Orange County's thriving real estate market and make your next move successful. 

If you're considering a move within Orange County, let's connect. I can guide you through the intricate rental market, helping you navigate the ever-evolving landscape and find the perfect home that aligns with your needs and budget.

 

 

Reference: “See where rents are falling or rising in LA, Inland Empire and Orange County” by Jeff Collins, Published on March 11, 2024.


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