OC, IE Lead SoCal in Apartment Rent Growth

Tim Steuernol

Southern California apartment rents are continuing to increase, and Orange County and the Inland Empire are leading the market for rent growth. According to research from NAI Capital, apartment rents in Southern California are up 3.1% year-over-year, with Orange County rents up 3.2% and the Inland Empire rents up 4.1%. By comparison, Los Angeles and Ventura rents are up 2.3% and 2.4%, respectively, placing Los Angeles at the bottom of the region for rent growth.

“In large part, the rent growth is due to the strength of the economy,” Tim Steuernol, EVP at NAI Capital, tells GlobeSt.com. “We are continuing to see a tight labor market, and renters are continuing to see a lack of affordable housing. The gap between average rents and what someone would pay for a mortgage has helped to continue to drive rents. There is a lack of available housing throughout the region, and people have the ability to pay higher rents and want to live in nicer apartments.”