Orange County Q2 Multifamily Market Insights: Rent Growth Accelerates as Vacancy Ticks Lower
Highlights:
- Multifamily operating conditions improved in Orange County during the second quarter. Local vacancy tightened and asking rents spiked. The pace of apartment completions has accelerated to this point in 2022, following a slowdown in deliveries last year.
- The vacancy rate improved during the second quarter, dropping 30 basis points in the last three months to 3.1 percent. Year over year, vacancy has tightened by 70 basis points.
- Asking rents jumped in recent months, rising 5.6 percent in the second quarter to $2,466 per month. Apartment rents have spiked 18.8 percent from one year ago.
- The multifamily investment market made gains during the second quarter. The median sales price of properties that traded in the past three months reached $416,700 per unit; year to date, the median sales price is $369,300 per unit. Cap rates held fairly steady averaging around 4 percent.
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