Briefly in business

Irvine Co. Apartment Communities announced Wednesday that it will

provide market rent discounts to residents who have lived in the

apartment homes for two or more years on the Irvine Ranch.

The group’s resident appreciation program will apply on the next lease

renewal date.

Residents will receive a discount from the market rent, which is the

prevailing rent for a comparable unit in the resident’s apartment

community at the time of the lease renewal.

The program applies to all apartment residents living in apartment

communities owned by the Irvine Co. in Irvine, Tustin and Newport Beach.

Residents receive more of a discount the longer they have lived in

their homes. Residents living at their homes for at least two years will

receive a 3% discount, with the discount increasing 1% a year to a

maximum of 6% for those living in the same home for five or more years.