Fewest vacant O.C. apartments since 2007
Orange County Register, Jeff CollinsThe Orange County apartment occupancy rate has held steady for nine months at 95% — highest since fourth quarter of 2007 — a point where there’s little momentum to push up rents, according to apartment tracker RealFacts.
Nonetheless, rents are rising, climbing $50 a month last spring to $1,532 a month, second quarter figures released Thursday show.
“Ninety-five percent occupancy suggests market equilibrium and demand is strong,” said Sarah Bridge of RealFacts.
“When occupancy goes above 95%, it means it’s hard to find an apartment to rent and applicants needing an apartment may be willing to pay even more. If occupancy goes below 95%, rent growth starts to slow down.”
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Funnym those same numbers apply to the labor market. When there is more than 5 percent unemployment, prices go down for the worker. Vise versa the other way.
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