In the fourth quarter of 2009 local landlords cut rent 6.7%
from the fourth quarter of 2008. It’s the lowest average rent in 3 ½ years. The average rent dropped $130 a month, or 8.1 percent, since that summer 2008 peak.
The average rent for a unit in a large Orange County apartment complex fell to $1,473 a month in the fourth quarter of 2009, the fifth straight quarter to see monthly rents drop.
Rents fell in all 23 Orange County cities. O.C.’s vacancy rate was one of the 10 highest among California metro areas, tied for 9th in the state with Bakersfield.
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