Average Rent Jumps 12% in Large Apartment Complexes

The average rent for apartments in Orange County’s larger complexes jumped 12% in December from a year earlier as demand for new units outpaced construction, keeping rents at record levels, according to a survey released Friday.

The average rent grew to a high of $1,164 a month, up from $1,037 in December 1999, according to Real Facts, a Novato research firm. Despite the high prices, few apartments in the county were empty. The vacancy rate stood at 3%, unchanged from a year ago. The survey covered 473 properties in the county, each with 58 units or more. In all, the study’s findings were based on more than 112,000 units.