Costa Mesa Rental Market Update: What October’s Numbers Mean for Renters and Landlords
As we moved through October here in Costa Mesa, the Orange County rental market started to slow down the way it usually does in early fall. Families are settled into the school year, the summer rush is gone, and fewer people are packing up to move. Because of that, homes stayed on the market a little longer, and landlords became more open to negotiating prices. In fact, the number of homes leased dropped by 2%, and the average time it took for a rental to get picked up went from 23 days to 27 days.
One big trend this month was price adjustments. About 36% of all rentals in Orange County needed to lower their list price to attract a tenant, which is higher than last month. Only 6% of rentals were leased above their original asking price, while almost half leased right at asking, and the other half leased below it. This shows that renters have a little more negotiating power right now, especially in popular areas like Costa Mesa, where competition is usually strong.
Detached homes (single-family homes) and attached homes (condos, townhomes, apartments) followed similar patterns. Detached homes saw the biggest slowdown, with DOM rising to 30 days and 40% of landlords lowering their price. Attached homes also took longer to lease and had more price reductions, but remained slightly more stable. For renters, this means more options. For landlords, it’s a reminder that pricing a home correctly from the beginning matters more than ever in the current Orange County real estate market.
So what does this mean for Costa Mesa residents? If you’re looking for a place to rent, this fall and early winter may be one of the best times to find a good deal, since landlords are more open to adjusting prices. If you’re a landlord, staying flexible and realistic will help you fill vacancies faster. Overall, the Costa Mesa rental market is calming down, giving both renters and owners a chance to make thoughtful, well-informed decisions.
