A growing number of renters are buying and renovating apartment buildings, in a trend that is driving up the price of such units.
A new report released Tuesday by the National Association of Realtors said that in 2016, the average cost of an apartment in the county was $3,095 per month.
That’s nearly $600 more than the national average.
The report, which is based on data from the National Assessments of Housing Costs, also said that the median household income for Newport Hills is $51,857.
The National Association’s chief economist, Mark Vitiello, said the rental market is now competitive and rents are rising.
“It’s really hard for folks to get an apartment without a mortgage,” Vitiellosaid.
“It’s a very competitive market and it’s getting more competitive.”
A growing number are building affordable, green apartments in Newport, which have the highest median rent in the country.
The average price of an affordable apartment in San Diego County is $3.28 per month, according to the San Diego Association of REALTORS.
In Newport, the median price of a one-bedroom apartment is $2,074.
In San Diego, it’s $2.89.
In San Jose, the price for an affordable one-bed unit is $1,964, according a review by the Santa Clara County Fair Housing Authority.
In Ventura, the cost of a rent-controlled apartment is the lowest at $1.98 per month in San Jose.
In Orange County, the county average rent for an apartment is now $2 in San Mateo, $2 for Orange and $2 a month in the Los Angeles area.
In Riverside, the city average rent is now around $2 per month and $1 a month for an average one- or two-bedroom unit, according the analysis.
Vincent’s group has a national office in Los Angeles and San Francisco.
They have about 3,000 members, Vitielli said.
They are also working with developers and property owners to make them aware of their potential and potential impacts on affordable housing, he said.