What's Happening in Lake Forest, CA…

According to NerdWallet, a consumer finance site, when it comes to renting verses buying, Lake Forest is definitely a place to rent.

On its list of the best cities in Southern California to rent rather than buy a home, Lake Forest came in at No.20, with buying a home being more than 18 times more expensive than renting one. This perhaps explains why 30% of Lake Forest residents choose to rent rather than purchase a home.

In ranking the cities, cost was not the only consideration; vacancy rates were looked at as well. Five of the top ten cities had a vacancy rate of 4.9 %, which is nearly half a percent above the state average. Higher vacancy rates favor the renter with more options and lower rent, while the property owners struggle to shorten vacancy periods, often using a flyer printing service to advertise for renters.

Although rents in the cities on the NerdWallet list are less expensive than buying, that does not necessarily mean they are easily affordable. Among the top 10 cities on the list, only Loma Linda had a median rent less than 30% of its median income.

NerdWallet quoted a study suggesting that the rental market will likely become more challenging for renters, with future vacancy rates dropping and the average rent going up by up between 8.2% to 8.6% in the area by June 2016.