Orange County Register reports first decrease in California rents in 2 years coinciding with a 2-year peak in vacancies. –

The rental market in California has seen a significant shift in the past few months, with rents declining by 0.7% compared to the previous year and vacancy rates reaching a two-year high. This is in stark contrast to the pre-pandemic period when rents were increasing annually by 15%. The increased competition for tenants has led to more options for renters, and landlords have had to lower their rents in order to stay competitive. Although rents are still 22% higher than they were six years ago, this trend is likely to continue for the foreseeable future.