Orange County 3Q23 Multifamily Market Insights Report: Renter demand strong enough to hold area vacancies steady

Highlights: 

• Operating conditions in Orange County recorded a modest improvement during the third quarter with asking rents ticking higher and vacancy holding steady. Developers remain active in the region with 2,070 units completed year to date.
• The local vacancy rate remained unchanged at 3.5% during the third quarter. Year over year, the rate increased by 30 basis points.
• Rents have remained in a tight range and rose just 0.3% during the third quarter to $2,503 per month. Year over year, area rents rose 0.2%.
• Multifamily sales activity in Orange County accelerated in recent months although deal volume so far in 2023 remains well below last year’s levels. The median sales price year to date is $387,200 per unit, while cap rates averaged 5% during the third quarter.

Read the report