The aforementioned lower ends of the rent spectrum are those that, natch, are the most difficult to locate. Now, I don’t mean to salt NB’s game, but even if you snag one of the cheaper apartments, rents are rising at almost 6 percent each year, so plan on a rent hike when your lease is up. Apartments may be hard to find. The vacancy rate is low, with over 95 percent of rentals occupied. Finally, although studio apartments are the cheapest to rent, they’re tiny – with an average size of 510 square feet. This makes the average studio apartment rent, $1,134, the most expensive price-per-square-footage in the OC.
Portfolio.com chose NB as “America’s Wealth Center” in 2010. Money magazine chose NB as the number one city to “Live in if You’re Rich and Single.” Empty out the investment accounts to make the move to Newport Beach. Renting is pricey and security deposits are high.
Decide first if you want a quiet area or a partying area. These two considerations seem to determine the environments around NB, at least according to locals. Although the median age of a NB local is 41 years, there are lots of college students that either live or come here to party.
Your new neighbors in NB will most likely be single – less than half of the residents are married. He or she is employed because, although the city did feel the pinch of the recession, Newport Beach employees fared quite well. The city’s unemployment rate is half that of the state of California. Not only is your new neighbor employed, she makes over $100k a year, and works in the science, tech, finance or real estate industries. You’ll be relatively safe in Newport Beach, with a violent crime rate that is one-third the national average and has decreased in the past couple of years.
Although it’s possible to enjoy life in Newport Beach if you’re at the high end of the 99 percent, if you’ve got the money to rent a sweet place on the beach, life in Newport Beach just doesn’t get much better.