When his tenant gave notice, Ron Jones hiked the rent up 12 percent on the one-bedroom Santa Ana condo she had been renting and placed an ad on Craigslist.
Within weeks, he had 10 inquiries and four applications. His new tenant signed a lease Wednesday at the asking rent of $1,425 a month, a $150 increase.
And Jones could have raised the rent even higher.
“I’ve actually seen a comparable unit advertised on Craigslist for $1,495. I decided that was too big a jump,” said Jones, 61, a business owner who also rents out one other Orange County condo. “The demand seems to be pretty high. That’s why all the increases are occurring.”
Rent has been rising steadily in Southern California for six years, driven by low vacancy, job growth and a 15 percent
Orange County’s spring homebuying season rocketed into high gear last month, with prices and sales already outdistancing last year’s buying frenzy, figures released Monday show.
The median price of an Orange County home – or the sale price at the midpoint of all transactions – was $625,000 in the year ending in March, up 6.8 percent and coming within $20,000 of the all-time high reached at the peak of the housing bubble in June 2007, Irvine-based data firm CoreLogic reported.
If prices continue going up at 4 percent or more, the median will top that record by June.
Sales, meanwhile, ticked up to the highest level in a decade for the month of March.
CoreLogic reported 3,181 transactions closed last month. While that’s up just a 0.8 percent from