October 2021 Irvine Rental Market

Data set - Irvine rentals listed on CRMLS

Days on market y-axis on left. Right side showing pricing. X-axis will show time.

Thoughts and opinions -

Typical up and down days on market hovering between 15-35 days due to seasonality. Current pandemic issues of impacted housing cause a bit of a crunch with increased pricing and lower days on market in 2021.

We’ve had two units up for lease in Irvine in the last two months, we have over 10 applications for both properties.

Orange County SFR Lease Price and Days on Market - June 2021

Green line indicating median price, blue line indicating days on market.

Analysis -

Due to the housing crunch, many renters are being displaced due to the investors selling their homes during the Sellers’s Market of 2020-2021. This is resulting in multiple applications to properties and shorter days on market and an increase in median lease price in Orange County.