Orange County Q3 Multifamily Market Report: Orange County Maintains Tight Vacancy Levels


  • The Orange County multifamily market showed signs of weakening in the third quarter for the first time since the pandemic struck. Asking rents recorded a notable pullback, while the vacancy rate held steady.
  • In each of the first three quarters this year, the local vacancy rate has been 3.6 percent. Year over year, vacancy has tightened 30 basis points.
  • Current asking rents are $1,958 per month, down 2 percent from the second quarter. The quarterly retreat shifted year-over-year measurements into negative territory; asking rents in Orange County have declined by 1.2 percent in the past 12 months.
  • Sales velocity in Orange County is typically modest, and COVID-19 has further stalled activity in the investment market. In the few deals that have closed, prices and cap rates have remained relatively steady compared with last year’s numbers.

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