The average rental rate in Orange County stood at $1206 in December 2001, as compared to $1204 three months earlier, according to the RealFacts report. The average rent increase for 2001 was 3.6%, with two-bedroom/one-bathroom units showing the largest increase at 5.9%. Studio units increased rents at the lowest rate of 2.5%.
The highest rents in Orange County were recorded in Newport Beach, where the average rate stands at $1643 per month. The lowest rents in the county are found in Anaheim, which reported an average rate of $964.
Meanwhile, occupancy levels continue to drop, the report points out. Occupancy levels peaked in the fall of 2000 at 97.1% and have since declined continuously. The occupancy rate here now stands at 94.6%, according to the RealFacts research.
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