Newer O.C. apartments suffer more vacancies

Last Updated: May 13, 2008By

Taken from the Lasner on Real Estate blog, posted by Mary Ann Millbourn

REIS Inc. reports that during the first quarter, O.C. apartments built after 1999 had 2.5 times the vacancy rate of the county as a whole.
Countywide vacancies were 4% in the 784 O.C. complexes that REIS studied. Units constructed after 1999, however, had a 10% vacancy rate. The oldest apartments — built before 1970 — had the fewest vacancies at 2.8%.

Rents made the difference. Apartments built before 1970 rented for $1,359 while those constructed after 1999 went for $2,055. The average county rent was $1,550.

Year Built Vacancy Rate
Before 1970 2.8%
1970-1979 3.2%
1980-1989 4.2%
1990-1999 3.6%
After 1999 10.0%
All 4.0%


Email Subscription

By submitting this form, you are consenting to receive marketing emails from: Apartment News Publications. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact