The average rents fall $80 a month in Orange County as we fall back to 2006 levels. The oversupply of apartment units was reported by apartment tracker RealFacts.
The average rents fall in Orange County's larger apartment complexes in the third quarter down $80 a month or 5 percent in a year. It is the 4th month in a row that we have seen drops.
This is the biggest yearly fall in rents since 1994 according to RealFacts.
The national average for the drop of rents in 3.7 percent while the fall in Orange County in 5 Percent. Well above the national average.
The vacancy rate is increasing during the same time period from 5.3 percent to 6.6 percent.
Vacancies fell from the second quarter by 1 percent again the biggest drop in seven years.
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