Bidding wars, rent hikes, dwindling inventory, financial burden, long searches – unfortunately, all these things have characterized the Orange County rental market as of late. Bidding wars have broken out all over the county this summer, not only to buy houses, but to rent homes as well.

The problem in Orange County, like in many areas in the US, is that there are more people in need of housing than there is housing provided. This demand that outweighs supply causes rents to rise. The number of local residents who rent has been increasing for years in the wake of the foreclosure crisis to more than 62,000 households, or 17%, from 2007 to 2013. About 43% of O.C. households rent, while 57% own their own homes. Further boosting rental demand, millennials have been moving out on their own as jobs become more plentiful. Rental construction has not been able to keep up with this surge in renters.