The place is California’s hardest spot to seek out an condo?

California has three of the nation’s hardest spots to be an condo hunter.

RentCafe takes common appears at an enormous renter problem: discovering vacant items to contemplate. The condo itemizing service just lately rated large rental markets on their “competitiveness” primarily based on Yardi Matrix stats for condo complexes. These stats embrace emptiness charges, how lengthy items stay empty, what number of potential renters view an condo and what number of present tenants renew their leases.

Orange County was California’s hardest place to discover a rental in early 2024. Residence seekers have been confronted with complexes almost full (96%) with the common vacancies lasting 40 days and getting 11 appears. And 60% of OC tenants keep put and signal a brand new lease. A 12 months in the past, OC ranked No. 2 statewide.

On a nationwide scale, Orange County was the Eleventh-toughest market to discover a rental, in keeping with the examine.

Final 12 months’s No. 1 market, San Diego, fell to No. 2. It was 95% full, with vacancies lasting 38 days and getting 9 appears as 50% of tenants renewed. It ranked No. 18 nationally.

The third-toughest California market was Silicon Valley, up from fifth in 2023. Its items are 94% full, with vacancies lasting 37 days getting 9 appears as 47% of tenants renew. It ranked twentieth best within the U.S.

The 5 best U.S. markets have been Miami, Milwaukee, North New Jersey, suburban Chicago and Grand Rapids, Mich.

Different California markets tracked, ranked by 2024 competitiveness:

No. 4 Japanese Los Angeles County: 96% full; vacancies lasting 43 days getting 14 appears as 48% of tenants renew. Yr in the past? No. 4.

No. 5 Central Valley: 96% full; vacancies final 40 days, get 8 appears as 53% renew. Yr in the past? No. 7.

No. 6 Central Coast: 97% full; vacancies final 40 days, get 9 appears as 46% renew. Yr in the past? No. 3.

No. 7 Sacramento: 95% full; vacancies final 44 days, get 8 appears as 52% renew. Yr in the past? No. 9.

No. 8 North L.A./Ventura County: 95% full, vacancies final 46 days, get 9 appears as 48% renew. Yr in the past? No. 8.

No. 9 San Francisco Peninsula /North Bay: 93% full; vacancies final 42 days, get 6 appears as 45% renew. Yr in the past? No. 12.

No. 10 Inland Empire: 94% full; vacancies final 48 days, get 9 appears as 51% renew. Yr in the past? No. 6.

No. 11 Western Los Angeles County: 93% full; vacancies final 43 days, get 8 appears as 38% renew. Yr in the past? No. 10.

No. 12 East Bay: 94% full; vacancies final 43 days, get 7 appears, as 45% renew. Yr in the past? No. 11.

Jonathan Lansner is the enterprise columnist for the Southern California Information Group. He will be reached at [email protected]