Orange County 1Q23 Multifamily Market Insights: Vacancy remains tight, even with construction on the rise
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Highlights:
- The Orange County multifamily market remains healthy but showed some signs of cooling during the first quarter. Asking rents inched lower for the second straight period while the vacancy rate held steady.
- Vacancy was stable during the first quarter, maintaining a 3.3% rate. Year over year, local vacancy improved by 10 basis points.
- Asking rents ended first quarter at $2,468 per month; year over year, local rents are up 5.7%.
- Multifamily sales activity continued to slow during the first quarter, as the number of deals declined 25% from the previous period. The median sales price thus far in 2023 is $333,300 per unit, while cap rates are generally between 3.5% and 4.5%.
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