Newport Beach is the only city in Orange County where the rent went up 2.5%. The vacancy rate hovers around 5% at this time. It remains the highest high-rent district with the average apartment rent being around $1898/month.
Are you considering shopping for houses or condos to use as rentals? IF so you may even want to consider a small apartment building. It is a perfect time to buy, especially a multi-plex.
Our investment department is strong if you are wishing to purchase or do an exchange of rental property.
We would be pleased to help you in your search or provide more detailed information.
Keller Williams Newport Estates
You can go to my web link below to get started & see pricing & photos for Newport Beach area homes. We could look at foreclosure property too. If you'd like to talk some more about it, just shoot me an email directly, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
The overall occupancy rate in Newport Beach is approximately 94% and rental rates on the peninsula are up since 2009 but have been flat for the last six to nine months. A large percentage of the renters in Newport Beach are vacationers and due to a weak economy less people are traveling. This has led to lower demand and a flat rental market.
My suggestion would be to call a local property management company such as Burr White and get there take on the rental market as they are dealing with rental properties every day.
Feel free to call or e-mail me if you have any further questions.
To the point: Vacancy Rates - Low
Tenant Presence - High
SUPPORTIVE DATA For You:
- Currently there are 171 open lease opportunities (not including "lease by owner) ranging from $1,295 -
$18,000 monthly with an average of 99 days-on-market (majority are standing at 15 - 35 DOM).
- Leased since Jan 2011 = 535 with an average days-on-market of 44, with lease rates rangin from $1,200 -
$29,000. 349 leased in past 6 months & 187 leased in past 3.5 months.
- Pending closed lease = 1 at $4,500 at 21 DOM for a 2,227sq' 3bed 3bath detached home.
Be cautious of the purchase market as pricing remains soft throughout Newport and Corona Del Mar, as well as Laguna Beach. There are select surrounding MAPS fields that are showing greater stability BUT we advise careful STEPS when planning a purchase and even a lease based on your immediate needs, and mid & long term goals.
Kindly - Jason Liddell
Your assumption is correct. There's usually a strong presence of people renting in Newport Beach because the area has so much to offer and it's so desirable. Vacancy rates are currently lower in and around the Newport Beach area because some people have lost their homes due to Short Sales or foreclosure turning them into renters. I've also had a sufficient number of non-distressed home sellers who've chosen to do a strategic equity sale of their home now, pull their cash out, and they'll rent for the long term or re-purchase when they feel the prices are at or near the bottom.
Good rentals are typically receiving more than one lease application in the Newport Beach area.
Have a lovely Thanksgiving.
I agree with Barbara from AT. We have always had a strong rental market in West Newport for many reasons (weather, proximity to the water, etc...). Many income property owners, including myself, have to do nothing more than most a sign in the window to attract a good number of qualified tenants.
I hope this helps.