Orange County Q3 Multifamily Market Report: Orange County Maintains Tight Vacancy Levels

Highlights:

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• The Orange County multifamily market showed signs of weakening in the third quarter for the first time since the pandemic struck. Asking rents recorded a notable pullback, while the vacancy rate held steady.
• In each of the first three quarters this year, the local vacancy rate has been 3.6 percent. Year over year, vacancy has tightened 30 basis points.
• Current asking rents are $1,958 per month, down 2 percent from the second quarter. The quarterly retreat shifted year-over-year measurements into negative territory; asking rents in Orange County have declined by 1.2 percent in the past 12 months.
• Sales velocity in Orange County is typically modest, and COVID-19 has further stalled activity in the investment market. In the few deals that have closed, prices and cap rates have remained relatively steady compared with last year’s numbers.

Read the report