Irvine Co. Offers Deal to Long-Term Renters

The Irvine Co., facing pressure from residents concerned about spiraling rents, said Wednesday it will begin offering discounts of up to 6% on rents for long-term residents.

Under the plan, residents living in the same complex for at least two years will receive a 3% reduction in rent. The deduction increases 1 percentage point for each year the tenant stays in the complex, to a maximum of 6% for renters who live five years at the same address, the company said.

The company, the county’s largest landlord, controls about 90% of Irvine’s rental housing market--about 13,000 units. The city, responding to concerns about rent increases, had formed a task force earlier this year to examine the issue.

Apartment renter Kevin Twer, a member of the task force, said he was pleased with the discount plan but was uncertain about how successful it might be over a long period. “Only time will tell,” he said.

The city is one of the most expensive apartment rental markets in the region. In the last year, the average rent in Irvine rose about 7% to $1,456 in large apartment buildings.