Orange County Q3 Market Report: Vacancy Tightens as Construction Slows
Highlights
- The Orange County multifamily market strengthened in the third quarter, with rents rising and vacancy dipping below 4 percent for the first time in more than a year.
- Vacancy fell 30 basis points from the second quarter to the third quarter, dipping to 3.9 percent. The rate is 10 basis points lower than one year ago.
- Rent growth has been averaging slightly less than 1 percent per quarter in recent periods, a trend that continued during the third quarter. Year over year, asking rents have increased 2.8 percent, reaching $1,981 per month.
- Sales activity was consistent from the second quarter to the third quarter, with the bulk of the activity occurring in sales of properties having fewer than 100 units. The median price thus far in 2019 is $307,000 per unit, with cap rates holding steady at approximately 4.2 percent.
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