Axiometrics figures show. Nationwide, effective rents fell 4% since August, dropping to an U.S. average of $930 a month. In California metro areas, six-month rent drops ranged from 3.3% in Salinas to 7.2% in the San Jose area. (Chart shows average effective rents per month and six-month percentage changes by metro area!)
A chart was also posted showing that rents for Los Angeles county dropped 6.2% in the last 6 months and dropped in Ventura County down 6.0% in the last 6 months. Vacancy rates for O.C. were also rising dramatically and while Jon didn't post the data for Ventura and Los Angeles it is safe to assume that local apartments are also seeing a dramatic rise in vacancy.
Rents are much more directly tied to wages and the underlying economy. And I think this is a reflection of how weak things are getting. I think the next step will be an even bigger migration from California to cheaper living areas.
