Orange County 4Q23 Multifamily Market Insights Report: Rents trend higher, supported by continued demand

Highlights: 

• The Orange County multifamily market recorded an uptick in vacancy and rising rents during the fourth quarter. The pace of deliveries has quickened since the second half of 2022, after almost no new supply was added a few years ago.
• Vacancy rose 10 basis points in the fourth quarter, after the rate held steady throughout the middle part of 2023. This year marked the first annual vacancy increase in the market since 2018.
• Asking rents rose in the second half of the year, ending 2023 at $2,527 per month. Rents advanced 1.5% in 2023 after steep increases in the prior two years.
• Local multifamily investment activity slowed in 2023, with limited activity during the fourth quarter. Prices have remained elevated for the past three years; in 2023, the median price reached $376,400 per unit.

Read the report, or engage with our Irvine office to learn more.