November 17, 2007
Those who can't afford the new rents – which are jumping an average of $650 a month – must find a new place. That could be tough, says Delores Conway, director of USC's Casden Real Estate Economics Forecast, because the apartment occupancy rate in the area is about 97 percent. USC's Conway says a second-quarter drop in the Orange County rental occupancy rate to about 95 percent appeared to be due to the real estate effect. The market, however, appears to have tightened again in the third quarter, she says.