Rent prices for all on-campus UC Irvine housing communities are expected to rise during the 2016-17 academic year, reflecting a predicted spike in Orange County housing prices over the next two years. Average rent in Orange County remains more expensive than in Los Angeles, Inland Empire and San Diego Counties. By 2018, only San Diego County will outpace expected rent increases in Orange County, per a USC Real Estate study released last Tuesday.
Beginning fall 2016, Campus Village apartment rent will increase $34 per month from this academic year’s prices. Arroyo Vista rent will also increase by $34 per month for double-room occupants.
Irvine is currently the second-most expensive region in Orange County, with average rent at $1,866 per month. This year, Irvine rent is expected to exceed $2,000 per month for the first time in the city’s history. (Courtesy of USC Lusk Casden Real Estate Multifamily Forecast)
Hardest-hit by next year’s rent increases will be UCI’s on-campus freshman residence halls. Quarterly prices for a single room in Mesa Court or Middle Earth will rise by $356, double rooms by $311 and triple rooms by $276.
In contrast, the quarterly price of UCLA’s on-campus residence halls will rise $169 per resident over the next academic year.
These rent hikes reflect increasing housing costs throughout Southern California, poised especially to affect Orange County and San Diego over the next two years, according to an economic forecast of California real estate trends released last Tuesday by USC’s Lusk Center for Real Estate.