Irvine, California Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Irvine, California rental market.

Irvine, California

Average Apartment Rent

$3,282

Y-o-Y Change in Average
Apartment Rent

1.4%

As of November 2024

Compared to a year ago, Irvine, California apartments have recorded a 1.4% rent increase.

Irvine, California Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Irvine $2,901 $3,074 $3,142 $3,162 $3,069 $3,104 $3,222 $3,147 $3,112 $3,282
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Irvine
National
Nov 2021
$2,901
$1,596
Mar 2022
$3,074
$1,635
Jul 2022
$3,142
$1,708
Nov 2022
$3,162
$1,726
Mar 2023
$3,069
$1,714
Jul 2023
$3,104
$1,739
Nov 2023
$3,222
$1,733
Mar 2024
$3,147
$1,727
Jul 2024
$3,112
$1,752
Nov 2024
$3,282
$1,748

Irvine, California Average Apartment Rent

Irvine, California Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 99.03%, apartments priced Over $2,000 represent the bulk of Irvine, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 0.97%.

Irvine, California Housing tenure**

Renter occupied housing units 62,014
Owner occupied housing units 48,451

Renters take up 56% of Irvine, California real estate, occupying a total of 62,014 units, while homeowners live in 48,451 properties.

Median number of rooms of renter-occupied housing units**

3.8

Renter median household income**

$101,057

Average household size of renter-occupied housing units**

2.56

Rental vacancy rate**

4.4%

Irvine, California Renter-occupied housing units by no. of bedrooms**

No bedrooms 4,793
1 bed 17,007
2 beds 24,208
3 beds 11,145
4 beds 4,004
5 or more beds 857

There are 24,208 rentals in Irvine, California with 2 beds making up the highest share of the market, at 39%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 857 units. Overall, the median number of rooms in Irvine, California homes for rent is 3.8.

Irvine, California Renter-occupied units by age of householder**

15 - 24 years 6,258
25 - 34 years 19,344
35 - 44 years 14,106
45 - 54 years 10,872
55 - 59 years 3,708
60 - 64 years 2,234
65 - 74 years 3,047
75 - 84 years 1,543
85 years and over 902

Most condos for rent in Irvine, California are occupied by residents in the 25 - 34 years age group (31%), followed by those in the 35 - 44 years age group (23%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.

Irvine, California Renter-occupied housing units by family type**

Family households 33,152
Non-Family Households 28,862

Irvine, California Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 19,303
No related children of the householder under 18 42,711

A total of 33,152 apartments for rent in Irvine, California, or 53% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 19,303 units. All in all, the median size of a renter-occupied household in Irvine, California is 2.56.

Irvine, California Renter-occupied housing units by educational attainment**

Less than high school graduate 2,070
High school graduate (including equivalency) 4,913
Some college or associate's degree 15,495
Bachelor's degree or higher 39,536

In terms of education, renters holding bachelor degrees or higher make up 64% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Irvine, California.

Irvine, California Renter-occupied units by year structure built**

Built 2020 or later 808
Built 2010 - 2019 16,877
Built 2000 - 2009 14,779
Built 1990 - 1999 9,762
Built 1980 - 1989 9,191
Built 1970 - 1979 7,772
Built 1960 - 1969 1,705
Built 1939 or earlier 626

The highest share of Irvine, California apartment rentals, namely 27% or 16,877 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (24%, 14,779 units), and the ones Built 1990 - 1999 (16%, 9,762 units).

Irvine, California Renter-occupied units by year householder moved in**

Moved in 2021 or later 7,972
Moved in 2018 to 2020 28,622
Moved in 2010 to 2017 21,974
Moved in 2000 to 2009 2,592
Moved in 1990 to 1999 693

Median year renter moved into unit 2019

Most Irvine, California renters (46%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Irvine, California condos for rent is 2019.

Irvine, California Renter-occupied housing units by vehicles available**

No vehicle available 4,915
1 vehicle available 26,078
2 vehicles available 24,490
3 vehicles available 4,519
4 vehicles available 1,344
5 or more vehicles available 668

When it comes to transportation options, 42% of Irvine, California renters have 1 vehicle available per household, 39% of them have 2 vehicles available, and 8% have No vehicle available.

Irvine, California Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 52,396
Car, truck, or van - carpooled 5,495
Public transportation (excluding taxicab) 857
Walked 3,663
Taxicab, motorcycle, bicycle, or other means 1,964
Worked at home 18,058

Irvine, California Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 107,920
Moved within same county 26,047
Moved from different county within same state 11,605
Moved from different state 6,123
Moved from abroad 4,921

The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Irvine, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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