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NEWPORT BEACH, CA-Long-term apartment tenants who live in complexes owned by the Irvine Co. may be entitled to save up to 6% on rents, according to a discount plan recently announced by the company.

Known as the Resident Appreciation Program, it will apply to long-term tenants of the Irvine Co.’s apartment communities in Irvine, Tustin and Newport Beach. These residents will receive a 3% discount off market rent if they have lived in their apartment for at least two years. An additional 1% reduction will be given for each extra year that the tenant has lived in their apartment, with 6% being the highest discount.

The program was devised as a result of the Irvine Co.’s participation in the city of Irvine’s Renters Advisory Task Force. The group, which consists of apartment residents, city officials and Irvine, was formed by the city in March to address the complaints of local tenants.

Although the Irvine Co.’s discount program stemmed from the Renters Advisory Task Force, it may also be an early sign that the multifamily sector is weakening. According to local experts, the Southland apartment market may soon feel the effects of the cooling economy. People have already started to migrate out of the area, due to job losses, economic worries and the high cost of living. In turn, demand has begun to slow somewhat and some property owners have already begun to experience strong price resistance from both new and renewing tenants.

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