The average Orange County rent climbed to $1,232 in the quarter, an increase of more than $19, compared with typical increases of less than $5 per month each previous quarter for the last year. At the same time, Orange County occupancy rose to 95.6% in the quarter, up from 94.4% the previous quarter.

Inland Empire rents rose to an average of $875, a 4.9% gain within the past year, while the occupancy rate stood at 95.5%, up just a fraction from the second quarter.

RealFacts says the inventory of apartments in Orange County is heavily weighted toward smaller unit types, with studios and one-bedrooms accounting for about half of all rental units. Since these units are generally priced lower than the larger multi-bedroom units, "it is all the more remarkable that Orange County rents can achieve such high levels," the report says.

The Inland Empire includes such a wide variety of types and sizes of apartments that average rents can vary substantially, according to the report. It points out that the thousands of new luxury units that are being built in Rancho Cucamonga has pushed the average rent there up to $1,039, but in remote Victorville the average was $651 and in Highland it was $655. The average rent for most Inland Empire communities fell somewhere between $700 and $800.