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By Thomas M Abercrombie | Agent in Newport Beach, CA

Westminster led O.C. cities in rent drops

Three Orange County cities with the highest vacancy rates had the steepest rent reductions at large apartment complexes during the summer, the latest numbers from apartment tracker RealFacts show. According to RealFacts:

    City Avg. Occup,. Avg. Rent Change
    Westminster 89.4% $1,312 -9.0%
    Mission Viejo 92.6% $1,400 -7.2%
    Irvine 91.5% $1,779 -7.1%
    Newport B. 93.6% $1,842 -7.1%
    Placentia 94.5% $1,367 -6.1%
    Santa Ana 94.2% $1,324 -5.8%
    Tustin 94.0% $1,473 -5.8%
    Huntington B. 94.9% $1,422 -5.2%
    La Habra 95.2% $1,272 -5.1%
    Stanton 94.2% $1,245 -5.1%
    Orange 94.9% $1,551 -5.0%
    Fountain Valley 94.6% $1,396 -4.6%
    Aliso Viejo 93.7% $1,644 -4.6%
    Costa Mesa 93.4% $1,579 -4.4%
    Lake Forest 95.1% $1,472 -4.4%
    Buena Park 93.8% $1,296 -3.6%
    Fullerton 92.8% $1,374 -3.4%
    Anaheim 92.9% $1,291 -3.0%
    Cypress 96.8% $1,382 -3.0%
    Laguna 95.3% $1,576 -2.4%
    RSM 92.7% $1,489 -2.2%
    Garden Grove 95.4% $1,348 -2.1%
    Brea 94.4% $1,469 3.0%
    O.C. 93.4% $1,523 -5.0%
  • Apartment owners in Westminster — which had the county’s highest percentage of empty units — made the greatest rent cuts. Rents in Westminster’s large apartment complexes dropped 9% to an average of $1,312 a month.
  • Nearly 11% of the units in Westminster’s large complexes were empty.
  • Mission Viejo and Irvine had the second- and third-biggest rent reductions.
  • Mission Viejo landlords cut summer rental rates by 7.2% to an average of $1,400 a month.
  • Apartment owners in Irvine cut rent by 7.1% to an average of $1,779 a month.
  • Irvine had the county’s second-highest vacancy rate at 8.5%. Mission Viejo had the third-highest at 7.4%.
  • Rents went down last summer in 22 of the 23 cities included in RealFacts’ survey. RealFacts only includes cities with five or more complexes of 100 or more units.
  • Brea was the sole O.C. city in the survey to see rents go up. Brea’s average rent in a large apartment complex increased 3% to $1,469 a month.
  • Newport Beach continues to have the county’s highest apartment rents: $1,842, even though it fell 7.1% from the year before.
  • Stanton had the county’s lowest rent: $1,245. Rents there fell 5.1% from summer of 2008.

Countywide, the average rent was $1,523 over the summer, down 5% from the summer of 2008. The average vacancy rate was 6.6%, RealFacts reported.

RealFacts coverage:

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