Rent Prices Continue To Rise In Orange County
The cost of renting in Southern California has doubled in less than 20 years - a jump twice as fast as the usual cost of living. It's no secret that living behind the "Orange curtain" is a desire of many living in or moving to Southern California, but rent prices are growing faster than the rate of salary growth. We're reaching a point where the monthly rent check eats up more of our income than before. In fact from 2000 to present day, local rent is up 102 percent compared to a gain of 53 percent for the overall CPI of the county.
Employment growth has also begun to outnumber the housing that's available... and this isn't just in the rental market. This issue is widespread creating the low inventory market we're working with today in real estate sales. Though we do see many more apartment complexes being built promising to bring more housing, the price per month of these new units exceeds the threshold for many.