Will the OC follow SD for rents too?

NEW -> Contingent Buyer Assistance Program
I know for a fact that my mid-cap employer is having hiring and retention problems directly attributed to the high cost of living and the traffic. Several of my peers have ditched CA already.
 
When income is low and housing is expensive, kids stay home longer, renters get room mates, and buyers find partners for joint ownership. It's like that in many places around the world.





When my family was poor, we shared a SFR in Anaheim with my uncle's family. We split the rent and utilities, and was able to save a few hundred every month. My parents worked in low paying jobs at the supermarket and restaurant. After about 6 -7 years we were able to save enough to buy our own town house. We actually looked at Irvine back then but parents said it was too far from work, so we bought a town house in Buena Park with 15-year fixed rate loan.





I stayed with my parents until I was 28, when I saved enough to buy my own condo. Then my grandfather fell ill and needed full time care, so I rented my condo out and moved back home to help out, until he died few years later. Some might say that I was giving up personal freedom and privacy, but if you consider the amount of $ you're saving by having your parents pay for everything from home cooked meals to toilet paper... it adds up. By moving back home I was able to save enough to buy more properties, and let's just say that it has been a profitable decision.





I also noticed that with some Asian and Hispanic immigrants, they use co-ownership to buy homes. My HS buddy, ex-GF, and her friend's family all did that to afford homes in Lakewood and West Covina. Typically they'd buy with a relative and co-own the property. When I lived in Placentia, I noticed a few Hispanic families doing the same.



 
Anytime I see anyone complaining about lack of qualifed help, the problem is always ALWAYS always qualified help at the wages they want to pay - which are often too low.



You pay peanuts and you get monkeys.



Your home is priced too high and won't sell.



What is wrong with people?
 
<p>http://latimesblogs.latimes.com/laland/2008/02/as-prices-fall.html</p>

<p>As prices fall, rents rise</p>

<p><img alt="" src="http://latimesblogs.latimes.com/laland/images/2008/02/22/35928296.gif" /></p>
 
All i know is that the IAC is dropping prices and giving incentives for move in. check out craiglist and you can get some good deals. one of my coworker threaten to move out when her lease expire.... and the management offer her incentives to stay.... but she had enough of IAC and is finally moving... or at least this time she is actually searching for another place.
 
That trend can only be sustained if the economy does not slip into recession. Since we are already in recession in OC, rents will likely fall.
 
Although this question doesn't apply to most of you since you rent your own houses or apartments, what's the general range that people pay in rent for shared homes or apartments? From craigslist, I constructed a rough range of 600$-800$ per month. I'm considering moving to the Irvine area, and I could probably afford the rent for a 1 bedroom, but it's not something I really need at this time in my life. Also, I really wonder how they conducted this rent survey. In the parts of LA county that I monitor it's only the big corporate rentals that have raised rates if it all.
 
I too live in a IAC.

Last night late was a good example. Normally late night Friday parking can be at a premium. But plenty of open spots.

Another good gauge is turnover. I have had 5 next door neighbors in the 18 months I have lived there. Seems more and more people on Month to Month paying top dollar. I noticed you could get a 2 bedroom in the Marquee for $ 2600.00 last week. My lease expires this summer. I think its looking good for us low life renters finally. Some good deals to be had.

If the vacancy rate is as high as I think its getting. Even the IAC is going to need to be competitve or cash flows are going to start to show some trail off.
 
Go to rental-living.com





I was on the website last night for 3 hours and it looks like there are discounts everywhere. Some communities like the one at the the spectrum are offering 8% off market rate.





I rented a 1 bd at villa siena 2 years ago for 1660. Now 1 bd are going for less than 1500.
 
<p>I cannot find the rent post the IrvineRenter did. It's a weakness of the search feature and starting the posts with song lyrics. The song lyrics makes the posts nearly indistinguishable unless you remember the song that went with a post.</p>

<p>Anyway, check Craigslist on the mid-week. I've noticed a pattern were listing prices seem to bump up on Fri/Sat/Sun and then return to a lower rate on Mon/Tue. A quick check of Craigslist for 4 bedrooms shows 198 listings at present. 98 are under $3000. 21 are under $2500. I don't remember if that is higher or lower than the January post.</p>

<p>Three bedroom are too many to count. 838 units. 457 <= $2500. 137 <= $2200.</p>

<p> </p>

<p>(Ah, rental shows up as a category and they're all grouped. (my compliments)) The post was Rain. <a href="http://www.irvinehousingblog.com/2008/01/24/rain/">http://www.irvinehousingblog.com/2008/01/24/rain/</a></p>

<p> </p>
 
<p>Yeah, I missed it in the tags. Tags are hard to read since the scale to occurences/hits or something. So rollback is in 24 pt font and rental is in 8 pt font etc. Still, it's grouped and I should have found it quicker.</p>

<p> </p>
 
I hear the new apartment complexes are really struggling due to very high rents imposed in attempt to recover the costs of paying way too much for the land and too much in construction (see Camden at main and jamboree & calypso on Jamboree). I think Camden is actually top of the market pricing in Irvine, beyond IAC (save their furnished corporate units.) A lot too pay for a crappy looking building.



I also hear that the third tower on Jamboree (The Plaza by Opus, the one with the roof top pool) is going to be all apartments). If that is the case, i bet you can expect units going for $5K a month, maybe even penthouses at $10K, but this is just a rumor, and i'm not claiming that they'll achieve rents anywhere this high, just a guess at where they would start.
 
my lease is done end of April. TIC did not raise my rent, however, i rent a studio apartment for ~1500, so yeah, if they had raised it I would have left. even now i am thinking about moving, but given the deposit and the hassle of moving, it is only worth moving for me if my next place is ~1200.



i am one of those rare person who is willing to pay to not have a roommate, my quick search two weeks ago have listings of 1 bedroom for about 1500-1600, which is not what i am looking for, i want to pay less, not pay more with more space, i used to live in a 1 bedroom about 450sq, so lack of space is definitely not an issue.



in the long run i think the rent should decrease, since all those people who can't sell their house may decide to rent out their house thereby driving down the market.
 
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