Newport Beach, 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 Newport Beach, California rental market.
Newport Beach, California
Average Apartment Rent
$3,613
Y-o-Y Change in Average
Apartment Rent
-2.5%
As of November 2024
Compared to a year ago, Newport Beach, California apartments have recorded a -2.5% rent decrease.
Newport Beach, California Average apartment rent trend
Newport Beach, California Average Apartment Rent
Newport Beach, California Apartment rent ranges
At 95.76%, apartments priced Over $2,000 represent the bulk of Newport Beach, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 4.24%.
Newport Beach, California Housing tenure**
Renters take up 48% of Newport Beach, California real estate, occupying a total of 18,359 units, while homeowners live in 20,277 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$115,514
Average household size of renter-occupied housing units**
1.95
Rental vacancy rate**
10.7%
Newport Beach, California Renter-occupied housing units by no. of bedrooms**
There are 7,885 rentals in Newport Beach, California with 2 beds making up the highest share of the market, at 43%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 95 units. Overall, the median number of rooms in Newport Beach, California homes for rent is 4.
Newport Beach, California Renter-occupied units by age of householder**
Most condos for rent in Newport Beach, California are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
Newport Beach, California Renter-occupied housing units by family type**
Newport Beach, California Renter-occupied housing units by the presence of own children**
A total of 7,468 apartments for rent in Newport Beach, California, or 41% of all rentals are family households. Additionally, 17% of rental homes include children under the age of 18 – that’s 3,127 units. All in all, the median size of a renter-occupied household in Newport Beach, California is 1.95.
Newport Beach, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 62% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Newport Beach, California.
Newport Beach, California Renter-occupied units by year structure built**
The highest share of Newport Beach, California apartment rentals, namely 26% or 4,848 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (19%, 3,570 units), and the ones Built 1990 - 1999 (14%, 2,542 units).
Newport Beach, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Newport Beach, California renters (42%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Newport Beach, California condos for rent is 2017.
Newport Beach, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 46% of Newport Beach, California renters have 1 vehicle available per household, 37% of them have 2 vehicles available, and 9% have 3 vehicles available.
Newport Beach, California Means of transportation to work of householders living in renter-occupied housing units**
Newport Beach, California Geographical mobility in the past year for householders living in renter-occupied housing units**
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 Newport Beach, 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
