Average Apartment Rent Hits $1,212, an 11.4% Gain for Year

The average rent in Orange County’s largest apartment complexes rose to $1,212 at the end of December, jumping 11.4% above monthly rents a year earlier, according to M/PF Research Inc. With the local economy booming and housing prices surging, few apartments have gone unoccupied. The county’s occupancy rate edged up to 97.3% from 97%, the quarterly survey showed. Meanwhile, developers have begun building more luxury units, which could help slow the pace of rent increases during the year, said M/PF spokesman Greg Willett. Currently, 4,453 units are under construction, compared with only 1,429 in January 2000. The increase would expand the county’s rental housing stock by an estimated 2%, the survey showed. The survey included 72,900 units in 301 apartment complexes throughout Orange County.