Hopes of Orange County renters for any noteworthy discounting have faded.
That’s what my trusty spreadsheet found when it reviewed the September rent data from ApartmentList, which tracks pricing in 14 cities in Orange County using an index of one-bedroom and two-bedroom units derived from government data and the company’s rental listings.
Consider that rents declined in just three of the 14 cities in the year ended in September. But in the previous 12 months, rents fell in six of those cities.
A host of factors have affected demand and pricing. The loss of housing due to January’s Los Angeles wildfires, the cost of homeownership remains daunting, and the modest new construction has largely been completed, so there’s little new supply.
City watch
Look at the local results, ranked by price change. The biggest discounts are to the south.
Laguna Niguel: Off 4.1% to $2,977 in the year ended in September, following a 1.4% drop in the previous 12 months.
Rancho Santa Margarita: Off 1.2% to $2,729 vs. a 3.5% gain in the previous 12 months.
Mission Viejo: Off 0.8% to $2,911 vs. a 0.4% gain in the previous 12 months.
Fullerton: Up 0.2% to $2,386 vs. a 2.2% gain in the previous 12 months.
Lake Forest: Up 0.5% to $3,226 vs. a 0.5% drop in the previous 12 months.
Huntington Beach: Up 0.9% to $2,536 vs. a 2% gain in the previous 12 months.
Anaheim: Up 1% to $2,295 vs. a 0.2% gain in the previous 12 months.
Brea: Up 1% to $2,557 vs. -0.3% drop in the previous 12 months.
Orange: Up 1.1% to $2,525 vs. a 1.8% gain in the previous 12 months.
Irvine: Up 1.2% to $3,097 vs. a 0.6% gain in the previous 12 months.
Aliso Viejo: Up 1.4% to $3,007 vs. a 2.7% gain in the previous 12 months.
Newport Beach: Up 3.9% to $3,351 vs. a 3.4% drop in the previous 12 months.
Costa Mesa: Up 4% to $2,603 vs. a 0.6% drop in the previous 12 months.
Santa Ana: Up 4.4% to $2,293 vs. a 1.1% drop in the previous 12 months.
Big picture
Countywide, rents rose 1.4% to $2,576, compared with a 0.2% gain in the previous 12 months.
Mildly rising rents are also a statewide issue. California rents increased by 1.3% over the past year to $2,198, compared with a 0.4% decline in the previous 12 months.
It’s a slightly different story nationally where rents fell 0.8% to $1,394 over the past year, compared with a 0.7% decline in the previous 12 months.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com