If your client is renting and they are thinking about “stepping up” to a better apartment; that may not be a good idea. This post below is bad news for renters relocating to new digs, as vacant units are in short supply. The only relief is that more vacant units become available after the eviction moratorium ends.
Landlords sought 17-18% increases for vacant units in O.C. and I.E. during the year’s first quarter. New SoCal apartment figures show few “vacant” units available, and rent hikes for those units have skyrocketed into double digits across the region.
During the first quarter of 2022, vacancy rates in the region lingered near two-decade lows, allowing landlords to boost their asking rents. Orange County’s average rent for a vacant unit jumped 18.2% from the year before, hitting a record-high average of $2,476 per month,
The Southern California News Group composite of three leading apartment indexes shows: That’s up to $381 a month from the first three months of 2021