Irvine Apartment Rentals

nilam_IHB

nilam_IHB

New member
Can anyone provide some information about recent apartment rentals in Irvine? Specifically, where you're renting, how many bedrooms/bathrooms and what how much rent is? Thanks!
 
<p>I'm in San Carlo Villa in Westpark. It's an ok place. Totally renovated, quiet, lots of kids (that can be good or bad I suppose) and location can't be beat for commute to South Coast Metro area where my wife and I both work. And the Tutor Time daycare/preschool is right across the street, and Westpark Elem right around the corner, if you need that. All in all, I'm as happy as can be expected with it. </p>

<p>Details: 3 bed, 2.5ba 1303 sq ft. 2 level "townhome". Signed on last March for somewhat of a bargain (compared to current rates) of $2,280, but their website lists current rent for my model at $2,515. Expecting my rent to jump somewhere near that level when my renewal comes next month. Once I see the damage, I'll need to decide if I want to transition to a rental home --- it seems that you can get a pretty nice home rental in Irvine for about $2,500. For me, it will just be whether what I can get for the same money is worth the hassle of a move. I'll reply with the renewal amount when I get it.</p>
 
I am leaving my 2/2 rental in Oak Glen. The market rent for the renewal this month was supposed to be $1,850. After three years of the Irvine Companies constant rental increases, they are now overpriced relative to rental homes, and I have decided to move out of our apartment into a much larger and much nicer 3/2 townhome.





My advice would be to check the MLS for rentals and compare what you see to the Irvine Company Apartments. You will likely notice the apartment premium. Renting a house generally requires a much larger deposit and a decent credit score, but you will get a lot more for your money, and private landlords aren't near as aggressive about raising rents. I am putting my own money where my mouth is.
 
Good stuff! A lot of pricing (I'm not sure how accurate or up-to-date it is) is on the IAC's website: <a href="http://www.rental-living.com" target="_blank">www.rental-living.com</a>


But you can't get a good feel for the place unless you actually spend time there or talk to people who live there. Keep the reports coming! :)
 
<p>We rent a home in Woodbridge- 4Bed/2 Bath. It's around 2100 sq feet and a single level home which is great because I have 2 small kids and I don't have to worry about stairs. The yard is really excellent- very large lot ("pool-sized" yard). When we looked at Westpark homes last May- rents were going for around $2900. I didn't like the homes in Westpark (tiny family room, too large of a living room, most were 2 stories). I checked on craigslist and saw a rental on Woodbridge- fell in love with the yard- and decided to rent there. We pay $3300 in rent- but i really think it's because my yard is amazing- and I was willing to pay for more land. We had spent 7 months in an IC corporate apartment- paying $3100 for a furnished 1-bedroom- HATED it and we were cramped being a family of 4. We had been looking (and bidding) on homes to no avail- we didn't anticipate being there 7 months- we thought it'd be a couple of months and we'd buy a house, but when we got to California- we just got so discouraged with the prices. So, we decided to become renters until 2008. So, after paying $3100 for a crappy 1-bedroom, paying $3300 for a home was really a no-brainer for us.</p>

<p> </p>

<p> </p>
 
bigmoneysalsa,





You will be hitting the market at a good time IMO. The Irvine Companies will probably still try to churn you on rent, but there will likely be a lot of private product on the market when all the FB's give up on selling and try to rent after the failed spring sales season.
 
I've found that even the big commercial complexes can sometimes negotiate renewal rents. Are there any incentives for new tenants? Once during a renewal, I complained about an incentive being offered at a Shea property and got a concession of $1510/mo down to $1465/mo.
 
<p>Anyone in or thinking of IAC property, search OC craigslist using the last four digits of the community phone number for your search term.</p>

<p>You usually always turn up a the best deal there.</p>

<p>After some very aggressive rent hikes last summer, their vacancies are becoming substantial, and they are dealing. For the communities that have searchable inventory, there are usually mutliple copies of the same unit ready for move in.</p>

<p>I think they compete very heavily with the private condo renters, and I'm glad to see the market is becoming competitive again.</p>

<p>SCHB</p>
 
<p>I found my deal on craigslist last year, and negotiated my way down about $100 from what the so-called market rate was at the time, plus some move in incentives. Good advice SCHB.</p>
 
<p>Here are some examples at Las Palmas, near Marketplace:</p>

<p><strong>60% of their floorplans have 5 units NOW available.</strong> (It looks like they may only show up to 5)</p>

<p><a href="http://rental-living.com/Communities/Las-Palmas/Prices-And-Floorplans/">http://rental-living.com/Communities/Las-Palmas/Prices-And-Floorplans/</a></p>

<p>As a for instance, the Robusta 2 (F2) is shown as $1845-$1965 on the IAC website.</p>

<p>Search Craigslist, and you'll find it for $1715.</p>

<p><a href="http://orangecounty.craigslist.org/apa/271789396.html">http://orangecounty.craigslist.org/apa/271789396.html</a></p>

<p>Similar discounts for other plans...</p>

<p><a href="http://orangecounty.craigslist.org/search/apa?query=5600">http://orangecounty.craigslist.org/search/apa?query=5600</a></p>

<p>Not all the communties have online searchable inventory, but I know this community is not alone in their "available now" units.</p>

<p>SCHB</p>

<p> </p>
 
The Irvine Co. (TIC) has the monopoly on apartments in Irvine and can jack up the prices with every renewals. They will offer you an initial "concession" by offering $1,000 off, reduced security deposit, free first month, etc. that may not be available through private HOs. It is not a bad option for shorter term rentals but for longer terms, you are better off elsewhere. Some of the private rentals offer nice community amenities too. Check out OC Register classified ads. IMO, some of the Craigslist's ads are actually TIC's. If it isn't obvious to some of you already, I really hate TIC. They have an absolute monopoly on everything in Irvine, from residential rentals to commercial leases (shopping centers) as well as setting the prices in and around Irvine (the HBs themselves cannot set the price unless TIC has "approved" each and every deal. The only reason you haven't seen an absolute "crash" around here is because the HBs have their hand tied when it comes to price concessions, so they will offer you all the incentives but cannot lower prices.
 
<p>This is all really good information - thanks everyone for the input. It seems like this site is a great resource for potential homebuyers, with continued information like this, it can also be a great resource for people who are looking to rent in Irvine.</p>
 
<p><em>"The only reason you haven't seen an absolute "crash" around here is because the HBs have their hand tied when it comes to price concessions, so they will offer you all the incentives but cannot lower prices."</em> </p>

<p>Keep in mind, there have been some real price reductions in Woodbury and Portola Springs. Not done crashing perhaps...</p>

<p>A good example is Decada #4 base price has dropped from $779k to $649k (there are others less dramatic). And this is a bona-fide price reduction, not incentives. TIC is competing with Villages of Columbus, so their monopoly grip has been weakened, at least temporarily. They do have a heavy hand and are ruthless, but they aren't immune to competition, especially on the non-rentals.</p>

<p>SCHB</p>
 
For what it's worth, from 1999-2000 I paid $2060 for the 3bd/2.5ba Dover plan at the Turtle Rock Canyon apartments. From 2000-2001 I paid $2270 (a 10% IAC increase!) for the same unit. It's not that big of a complex compared to some of the other IAC properties. The units are pretty much like townhomes. The plan I had was 2 stories with a patio and a 2 car side-by-side attached garage with laundry hookups. I believe they've renovated the units since then. It was a nice quiet area and worked out well for me.





Prices on rental-living.com are listed as $2770-$2900 for this plan.
 
SCHB - This is a little of-track from the rental topic but I know a liitle bit about Mericort which is similar to Decada. I blv first phase of Mericort started early 2005, plan4 was in the low $600k - which I think was a little lower than market value at the time - fairly common for initial phase release.





The final plan4 model home (fully furnished and highly upgraded) was sold in the 2006 (or at least offered) for mid $800k. The Mello Roos/HOA is a little lower but they are in Tustin school disctrict and the neighboorhood/location is not as nice as PS.





So I think Decada was initially priced based on last Mericort model and the builder quickly adjust the pricing to match current market demads. I am not sure how the sales for Decada is right now. It could still be sluggish as you mentioned but it seems that the pricing is reasonable for what you get: detach condo 4bed, 3 bath.
 
<p><em>" I am not sure how the sales for Decada is right now. It could still be sluggish as you mentioned but it seems that the pricing is reasonable for what you get: detach condo 4bed, 3 bath."</em> </p>

<p>Technically Decada can't make the 4th room a bedroom (include a closet) because of parking density restrictions in the neighborhood. So it remains a den. And the 3rd bath is technically a 3/4 (shower, no tub), not a full.</p>

<p>But your point is well taken. I agree the pricing isn't too bad for today's market, but today's market is still undergoing substantial change and, I strongly believe, poised for further reductions as the spring and summer progress.</p>

<p>SCHB</p>
 
SCHB - You seem to have done a lot of research and analysis into current market condition. In your prediction, when will new home price stabilize? By end of 2007?
 
<p>Not by the end of 2007. I'm not one of the 2010-ers, though.</p>

<p>I think we'll lose 7-8% in 2007 and the slide will continue into 2008.</p>

<p>But my estimate is worth what everyone paid to read it :] (Not unlike Gary Watts', I suppose).</p>

<p>SCHB</p>
 
SCHB - Thank you for sharing your thoughts. This is indeed an interesting time particularly for SoCal housing market. Seems that the (pent-up?) demand is there but potential buyers balked instead of settling for smaller homes. I have not visited any new homes grand openings lately but I heard there's a lot of interests in recent ones? Even heard that some (not neccessarily in Irvine) actually sold out on initial releases.
 
You must log in or register to reply here.
Back
Top