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6/03/19
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The average asking rent for Orange County multifamily housing set a new record in 1Q 2019, according to the latest data from real estate services firm NAI Capital. The average asking rent hit $1,979/unit, up 0.5% from the prior quarter, and 2.3% over last year at this time. At this pace, the market average rent could surpass $2,050/unit by the end of the year as new construction is added to the inventory.
Construction remains robust with 8,658 units in the pipeline. Despite 576 units added to the inventory this quarter, the vacancy rate has not moved from 4.8% over the past year. The demand for rental units has kept the vacancy low and steady.
According to the California Association of Realtors® Housing Affordability Index, the median-priced home registered $800,000 in Orange County this quarter. Based on traditional assumptions, the minimum qualifying income to afford the median-priced home would be $168,340 with a monthly mortgage payment (including taxes & insurance) of $4,210, which is substantially out of reach for the vast majority of the County’s residents. Affordability is keeping the multifamily housing rental market strong.
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