Orange County Q1 Multifamily Market Report: Steady Apartment Performance Prevails in Orange County
Highlights:
- The Orange County multifamily market was very steady during the first quarter of 2019. Vacancy was unchanged from the preceding quarter and rents rose. The pace of deliveries slowed, but there are several projects that are slated to be delivered in the coming quarters.
- Vacancy held steady at 4 percent, matching the rate from both the third and fourth quarters of 2018. The current rate is 30 basis points higher than one year ago.
- Rent growth in Orange County continues to rise at a consistent pace. Asking rents have advanced 3.4 percent year over year, ending the first quarter at $1,961 per month.
- Sales activity in the first quarter lagged levels from preceding periods. The median price in the first quarter was approximately $235,800 per unit, while cap rates averaged 4.4 percent.
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