Apartment watchers have predicted that for 2009 Orange County vacancies will increase by 1% to 5.9% by the years end. Rents are expected to increase 2.3% to $1,574 per month.
Construction of new apartments will exceed last year’s construction especially in Irvine and south Anaheim. Roughly 2,900 units are scheduled to be completed, compared to the 1,034 completed in 2008. 1,600 of those units are to be built in Irvine and 1,000 units in south Anaheim.
The greatest numbers of unsold condos have come from high-end apartments. Renter demand should remain strongest near large business districts especially in Newport Beach and Tustin where vacancies are expected to reach 3.5%-4.5%.
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