Irvine, California Rental Market Trends
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
$3,104
Y-o-Y Change in Average
Apartment Rent
-1.2%
As of July 2023
Compared to a year ago, Irvine, California apartments have recorded a -1.2% rent decrease.
Irvine, California |Average apartment rent trend
Irvine, California| Average apartment rent
Irvine, California | Apartment rent ranges
At 98.7%, apartments priced Over $2,000 represent the bulk of Irvine, California rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 0.23%.
Irvine, California | Housing tenure**
Renters take up 55% of Irvine, California real estate, occupying a total of 52,949 units, while homeowners live in 43,758 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$86,626
Average household size of renter-occupied housing units**
2.65
Rental vacancy rate**
4.2%
Irvine, California | Renter-occupied housing units by no. of bedrooms**
There are 21,656 rentals in Irvine, California with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 645 units. Overall, the median number of rooms in Irvine, California homes for rent is 3.7.
Irvine, California |Renter-occupied units by age of householder**
Most condos for rent in Irvine, California are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (24%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 2%.
Irvine, California | Renter-occupied housing units by family type**
Irvine, California | Renter-occupied housing units by the presence of own children**
A total of 29,116 apartments for rent in Irvine, California, or 55% of all rentals are family households. Additionally, 32% of rental homes include children under the age of 18 – that’s 16,865 units. All in all, the median size of a renter-occupied household in Irvine, California is 2.65.
Irvine, California | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 63% 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**
The highest share of Irvine, California apartment rentals, namely 28% or 14,805 units, were Built 2000 - 2009, followed by those Built 1990 - 1999 (17%, 9,150 units), and the ones Built 1980 - 1989 (14%, 7,613 units).
Irvine, California | Renter-occupied units by year householder moved in**
Median year renter moved into unit2017
Most Irvine, California renters (57%) moved in 2015 to 2016, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Irvine, California condos for rent is 2017.
Irvine, California | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Irvine, California renters have 2 vehicles available per household, 40% of them have 1 vehicle available, and 7% have No vehicle available.
Irvine, California | Means of transportation to work of householders living in renter-occupied housing units**
Irvine, California |Geographical mobility in the past year for householders living in renter-occupied housing units**
Irvine, California | Average apartment rent by zip codes
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, 2020 American Community Survey 5-Year Estimates
