The Inland Empire in California has a moderately competitive rental market, with a score of 59. Despite a longer vacancy period of 50 days, it maintains a solid occupancy rate of 94.8% due to 12 interested renters per vacancy and a lease renewal rate of 51.1%. However, the growth in new apartments is minimal at just 0.09%.Hello Valerie,
Following up on our latest Rental Competitivity Report, where we’ve identified where it’s hardest and easier for renters to secure an apartment in California this rental season.
- Los Angeles County, divided into Eastern, Western, and North LA – Ventura regions, displays diverse competitiveness within its rental market. Eastern LA stands out due to its high occupancy rate of 96.7% and the significant demand from an average of 18 prospective renters per vacant unit. This region also hints at potential growth with a slightly higher share of new apartments at 0.56%. In contrast, Western LA presents a more balanced situation with an occupancy rate of 94.6% and an average of 12 renters per vacant unit. Despite its lower lease renewal rate of 37.2%, indicating a higher tenant turnover, a new apartment share of 0.31% provides some cushion to the market strain. Lastly, the North LA – Ventura region shows consistent demand with a high occupancy rate of 95.9%, 12 potential renters per vacancy, and a moderate influx of new apartments at 0.44%, adding a degree of movement to the market.
- The Inland Empire has a moderately competitive rental market, with a score of 59. Despite a longer vacancy period of 50 days, it maintains a solid occupancy rate of 94.8% due to 12 interested renters per vacancy and a lease renewal rate of 51.1%. However, the growth in new apartments is minimal at just 0.09%.
- Orange County, San Diego, Central Coast and Silicon Valley are the most competitive rental markets in California this season. Orange County leads with the highest competitive score in the state (86), due to its strong occupancy rate and high lease renewal rates. San Diego and the Central Coast follow closely, with RCI scores of 82 and 81, respectively, both reflecting significant demand from prospective renters.
- On the other end of the spectrum, San Francisco’s North Bay and the East Bay regions are California’s least competitive markets. San Francisco’s North Bay, with an RCI score of just 28 and lower occupancy rate, indicates a less challenging apartment hunting experience for renters. Similarly, the East Bay area, with a moderate RCI score of 48, offers a more accessible rental market.