Irvine resident Mike Meservey thought he would find a bargain when he saw all the new apartments being built along Jamboree Road.
Developers must be desperate to fill all these new buildings, he figured. And they must be offering deals.
Turns out, nothing could be further from the truth. As a result, Meservey and his wife, Rose, are staying put in the Irvine condo they’re renting for $2,000 a month.
“They’re building tons of stuff. They just keep building and building,” said Meservey, 58, a retired plant manager. “But they call them luxury apartments and charge $3,000 a month.”
Irvine isn’t alone.
Southern California — and the nation as a whole — is experiencing the biggest apartment construction boom in a quarter century.
In the last 34 months alone, new apartments have been springing up from San Clemente to Sylmar, from Murrieta to Marina del Rey.
More than 37,000 new apartments have been built in the region since the start of 2015, data from commercial real estate tracker CoStar show. More than 36,000 more are under construction. ocregister