Rent for large apartment complexes in Orange County decreased for the first time since 1995. 
During the last quarter of 2008 rent in Orange County averaged $1,578 which was 1.1% or $17 less than the last quarter of 2007. This marks the first period in over 15 years where the average rent was less than the year before. With the exception of 1995 rents have steadily increased since 1994 nearly doubling every year.
The increase in vacancies caused by the rising unemployment rates are said to be the reason for the substantial decrease in rent for 2009. More people are getting roommates to defuse some of the cost of renting or moving back in with relatives.
Vacancies in Orange County increased 0.2% in the fourth quarter rising to 6.2% of all units in Orange County. In order to lure tenants many apartment complexes throughout Orange County are offering one or more months of rent free as well as discounted security deposits.
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