X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORANGE COUNTY, CA-Zooming home prices have helped the apartment market by making apartments in the county more competitive against homes for purchase, according to a new report by Hendricks & Partners.

The quarterly report says move-ins outnumbered move-outs by 614 units in the county during the second quarter, a marked improvement from the second quarter of last year, when move-outs numbered move-ins by 29 units.

The report pegged the overall average vacancy rate at 5.5% for the quarter, up from 3.6% a year earlier, explaining that the higher rate reflected the nearly 3,600 new units completed since the beginning of 2001. Orange County’s average rent increased only 1.9% for the one-year period ending June 2002 to $1,212 from $1,190, falling from last year’s increase of 8.1%.

The investment market remained strong, according to the study, which showed the average price per unit rose to $96,532 from $76,380 in the second quarter of 2001. The volume of sales remained fairly stable at 20 properties sold, compared with 19 in the year-ago period.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.