The price of rent has ballooned in the last 12 months, and in Orange County it's no different. Prices jumped more than 20% in cities like Irvine, Mission Viejo and Laguna Niguel over the last year.
ORANGE COUNTY, Calif. -- The price of rent has ballooned in the last 12 months, and in Orange County it's no different."If you are a renter in Orange County who's looking for, say, a one-bedroom apartment, by our latest estimate that one bedroom apartment is renting for about $2,200 a month," Warnock said.
Warnock said rent prices jumped more than 20% in cities like Irvine, Mission Viejo and Laguna Niguel over the last year.Warnock said even with surging prices, there's still a high demand for rentals but not enough vacancies. "Property managers and landlords have the opportunity to rent those apartments to the folks who can pay more," Warnock said.economist Matthew Insco said the Consumer Price Index for the Los Angeles area, which includes Orange County, reached a 40 year high of 7.9% earlier this year.said California's Tenant Protection Act limits rent increases for buildings covered under the law.
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