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Orange County Multifamily Market Insights: Job growth gaining momentum, vacancy remains low to start 2022

Highlights:

Orange County Multifamily market report snapshot for Q1 2022
  • Stability prevailed in the Orange County multifamily market at the outset to 2022. The vacancy rate remained unchanged, and rents inched higher at a modest pace. While the construction pipeline includes a number of projects, deliveries and absorption were closely aligned to start the year.
  • Vacancy held steady in the first quarter at 3.4 percent; this marked the third consecutive quarter at this level. Year over year, the rate dropped 20 basis points.
  • Year over year, asking rents advanced 18.3 percent to $2,335 per month. Nearly all of the increase occurred at the end of 2021, and gains were minimal during the first quarter.
  • The investment market was dominated by the sale of older, Class C buildings at the start of 2022. Prices dipped in response to the mix of properties changing hands; the median sales price ended the first quarter at approximately $351,300 per unit. Cap rates trended higher, averaging around 4 percent.

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Greater Los Angeles Q4 Multifamily Market Insights: Vacancy Tightens as Labor Market Rebounds

Highlights:

Los Angeles Multifamily market report snapshot for Q4 2021
  • Multifamily operating conditions improved in Los Angeles during the fourth quarter. Rents continued to climb in recent months and vacancy tightened. Continued recovery in the local employment market should support renter demand in the coming quarters.
  • Vacancy in Los Angeles dipped 10 basis points during the fourth quarter, building upon a 40 basis point compression during the prior quarter. The rate declined 50 basis points during 2021, reaching 4 percent.
  • Asking rents pushed higher during the final quarter, following a significant spike in the third quarter. Year over year, rents advanced 8.2 percent, ending 2021 at $2,136 per month.
  • Multifamily sales velocity accelerated in the last few months of the year. The median price in 2021 reached approximately $290,400 per unit, up 5 percent from the median price in 2020. Cap rates averaged 3.7 percent in the fourth quarter.

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