John Montakab

NEWPORT BEACH, CA—Some renters who can't afford Orange County'shigh and rising apartment rental rates are moving farther fromtheir work to more-affordable locations or Orange County-adjacentmarkets where the rent discrepancy is significant,CBRE VP John Montakab tellsGlobeSt.com.

According to CBRE research, with an average home price of $785,000 andstagnant income growth, Orange County will have a surplus of peoplewho need housing but cannot afford the costly down payment andmortgage payments of buying a home. As a result, there has been a33% rise in rents since 2011. With an expected addition of about74,000 people over the next five years, and single-family homeownership out of reach formany, demand for multifamily will remain strong inOrange County.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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