By KEN NGUYEN
Irvine’s apartment homes have been notably increasing in number in the past few years. As they transition into young adult life, some students start to think about living on their own. Since students are now able to transport themselves more efficiently using cars, they often consider renting an apartment after graduation. However, some students simply cannot afford to do this.
The fair weather and easy access to the beach are some of the many attractive aspects of living in Irvine. Luxuries like this, however, contribute to the continuously rising nature of rent prices. The lowest rent for an apartment in Orange County is $1,304 per month in Stanton; the highest rent averages $2,343 a month in Newport Beach. Although Stanton has the lowest average rent, it has seen an overall increase of $58 per month since the last year. Newport has seen a rise of $103 per month, and Santa Margarita has experienced the highest rent spike at an additional $141 a month.
There are many other variables influencing the apartment market in Orange County. The increase in insurance and property taxes forces landowners to raise their rent to maintain a profit. New mortgage rules with tighter lending standards can also prevent many citizens from being able to afford homes. Even individuals with enough income to support the mortgage payments are barred from taking out loans because of recession-induced poor credit scores. This means that many cities are holding high-income renters who can afford to buy a home but are unable to do so. Students who now live in Orange County may have to live elsewhere in the future for affordable homes.
Courtesy of the OC Register:
|City||Complexes||Units||Avg. Rent||Change in $|
|Rancho Santa Margarita||8||2,912||$1,608||$141|