Orange County 2Q23 Multifamily Market Insights Report: Rents push higher, vacancy remains tight
Highlights:
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- An uptick in rents signaled continued demand for multifamily properties in Orange County during the second quarter. Multifamily developers should ramp up the pace of deliveries to keep pace in the second half of the year.
- Area vacancy ticked higher during the second quarter, rising 20 basis points to 3.5%. Year over year, the rate has increased by 40 basis points.
- Apartment rents pushed higher in recent months, rising 1.1% to $2,495 per month. Year over year, rents advanced by 1.2%.
- Multifamily sales activity in Orange County continued to slow, as the number of deals declined 50% from levels at the start of the year. Year to date, prices have inched lower, although per-unit pricing showed signs of resilience during the second quarter.
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