Orange County Q2 Market Report: Job Growth Strengthens, but Vacancy Ticks Higher
Highlights:
- The Orange County apartment market posted mixed performance during the second quarter. Vacancy rose and rent growth leveled off even as the employment market recorded healthy gains.
- Vacancy rose 20 basis points in the second quarter to 4.2 percent, up 30 basis points from one year ago.
- Rents continued to advance, although the pace of increases was more modest than in recent years. Asking rents in Orange County ended the second quarter at $1,968 per month, 2.5 percent higher than one year ago.
- Sales activity during the second quarter was a bit lower than levels from the first three months of the year. Prices rose as larger property sales accounted for a more significant share of total activity. Cap rates have averaged 4.5 percent thus far in 2019, up from 2018 levels.
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