After four years of steadily rising rents in the Orange County area, rents have finally reached an all-time high, according to a report by The Orange County Register
. Though construction of new-build apartments is up in Orange County, amounting to some 10,800 forthcoming apartments in the works, rents in the OC area are among the nation's highest. The nearby Los Angeles area is in an even more dire predicament, with just 25,000 rental projects under construction in a county of over 10 million.
It's long been established that Southern California is a desirable living locale, but demand and a shortage of supply has sent rental prices skyrocketing. In the past four years, Orange County apartment rental prices have increased by 14.3%. Los Angeles and Orange Counties aren't the only areas suffering from untenable rent spikes, either. In fact, The OC Register
reports that rents are quickly on the rise across the top 79 metro areas in the United States. Among those top cities - which include New York, San Francisco, Boston, and others - Orange County, California rents are the ninth highest.
According to the article, potential tenants are scrambling to find affordable rental rates in Southern California, but to little avail. So what's the solution for Orange County residents who can't seem to find an affordable rental in an increasingly competitive market? In a word: homeownership.
At Summit Lending, we offer a variety of services to help you transition from renter to homeowner. Whether you are a first time homebuyer, or are interested in learning more about down payment assistance, Summit Lending can help you lock in the best rates for your homeownership goals. What's more, mortgage interest rates are at historic lows, as the Fed holds off on rate increases for the time being, which makes buying a home in Southern California more financially feasible than ever.
As a long-standing member of Orange County's business community, we're tuned in to the economic climate and housing market in our area. Using this knowledge and practical experience, we're dedicated to making your homeownership dreams a financial reality.
Summit Lending is a reputable, local mortgage broker and lender, serving Orange County, Riverside County, San Diego County, and Los Angeles County housing markets. Summit Lending's team has the experience necessary to help you with all of your home financing needs, whether you're a first time buyer or you've bought and sold multiple homes. We are a top rated Orange County mortgage broker on Yelp! and Facebook and we'd love to help you realized the American Dream of homeownership.
Based in Huntington Beach, CA, with offices throughout Southern California, we can be reached online, on Facebook or via phone at 888-451- 9006. From conventional fixed rate loans to Jumbo loans, VA loans and cash out refinances, we are eager to help you accomplish your short and long term real estate financing goals.