15May2008

Is it Time to Buy? Rents Increase Again

Posted by ericchristensen under: Housing and Economy; Buying a Home; Housing Recovery.

The OC Register reported an annual rate increase in rents in the LA/Orange County area of 4.2% from April 2007 to April 2008.  This is the most modest increase since 2000, showing a drop from the previous year-over-year increase of 6.4%.  With home values depreciation slowing down in Orange County, a future buyer needs to seriously work the numbers to determine if the when to buy is now.  Vacancy rates are still very low in the north Orange County area (Placentia is the highest at 5%), so renters should not anticipate any rental rate declines in the future.  In fact, Costa Mesa is the only city surveyed in a recent OC Register article that has a double digit vacancy rate (16.2%).  An excellent tool for the renter to use in this evaluation can be found in an earlier interactive chart found in the New York Times.