Bidding wars break out for rental homes in Orange County

IRVINE, Calif. (KABC) -- The housing market is seeing a new trend in Orange County with people attempting to outbid one another on homes for rent.

Experts say one reason for the demand in houses and condos for rent is the 3 percent decrease in vacancies, which is half of what it was in 2012.

Another significant factor is the need for more bedrooms as several families are rooming together to afford the higher rents in the county.

Jane Lewis, management director of 7 Gables Property Management, told Eyewitness News it's no longer unusual to have multi-offers right away on a rental home.

Although the demand is high in property rentals, the Apartment Association of Orange County says the same thing is not happening with apartments.

"With a 3-4 percent market vacancy rate, that means that there are approximately 10,000 apartments available today in Orange County," said Nicholas Dunlap of the AAOC. "No bidding war, no multiple offers and no running up of prices."

For those looking to rent an apartment, experts advise people to look at three or four units and ask to see them with information on amenities.

And bidders wanting to rent a home should have a package ready with an application form, a credit report and more to show seriousness and preparedness to renters.
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