Survey Sees Average 5% Rise in Rents in 2000 to New High

Fueled by a growing population and paucity of new units, rents in Orange County will continue to rise next year, according to a new survey. The average monthly rent, which broke the $1,000 barrier this year, is expected to climb 5% in 2000, to $1,050, an all-time high, according to a report on the local apartment market by Marcus & Millichap, one of the nation’s largest apartment brokerages. That increase will come despite an estimated gain of more than 2,000 new apartments next year. But that will be offset by increased demand. While the trend is good news for landlords, it bodes ill for renters. Higher rents are “forcing many [people] to move out of the county to Los Angeles County to the north or Riverside County to the east,” the report said. “Markets like the Inland Empire will definitely benefit from Orange County’s housing crunch.”