Orange County Q3 Market Report: Employment Gains Driving Rental Demand, Low Vacancy Rates
Highlights
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- More than 2,600 units have come online to this point in 2018, and nearly 5,000 apartments are currently under construction.
- Rents have generally been on an upswing, but there was a modest dip during the third quarter. Current asking rents are $1,922 per month, 2.8 percent higher than one year ago.
- Sale prices have been posting robust gains, particularly as some newer properties have been changing hands. The median price has spiked nearly 30 percent from 2017 to 2018, reaching approximately $340,000 per unit. Cap rates have compressed to an average of about 4.3 percent.
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