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…