The price to rent an apartment in Orange County is on the decline, according to industry research firm CoStar Group, following steep increases over the past decade.
Statistics show prices across the county peaking in August 2022 at approximately $2.97 per square foot before gradually beginning to fall.
The downward trend accelerated in October, and prices have continued a steady descent over the past months. CoStar Group estimates the current square foot price at $2.88, representing a 3 percent drop from August.
According to CoStar, Orange County recorded the lowest level of demand for units in more than a decade during the fourth quarter in 2022….