- The Orange County multifamily market ended 2018 with strong market conditions. Absorption has been active, allowing vacancy to remain flat for the past few quarters despite heightened levels of new construction.
- Vacancy was 4 percent in both the third quarter and in the fourth quarter. The vacancy rate rose 20 basis points in 2018.
- Rents rose to close the year. Asking rents pushed up 3.5 percent in 2018, reaching $1,948 per month. Annual rent growth has averaged 3.6 percent since 2014.
- Transaction velocity was flat from the third quarter to the fourth quarter, but dollar volume spiked as larger properties changed hands. The median price in the fourth quarter was $374,300 per unit. For the year, the median price was $339,700 per unit, and cap rates averaged 4 percent.