Renting in Orange County, California

[Francis A.]

http://www.ocregister.com/lansner/rent-687937-percent-reis.html

“Axiometrics and Real Answers both reported that Orange County rent hikes averaged nearly 7 percent a year this past spring, boosted by rising employment and a continued economic recovery.

Vacancy rates also remain low, ranging across the three surveys from 2.8 percent to 5.1 percent.

Real estate agents reported seeing bidding wars among renters this year. Some tenants are offering to pay more than the asking rent or to sign longer leases. Others offer to pay the rent six months to a year in advance, agents said.”

“Reis, Inc., a commercial real estate research firm, reported that the average asking rent for an Orange County apartment climbed 3.3 to $1.724 a month during the summer.”

“The average asking rent in the nation as a whole, according to Reis, was $1,215, up 4.2 percent from the summer of 2014”