- The fourth quarter was a strong period for the Orange County apartment market, with vacancy tightening and rents rising. Construction has been active as developers bring new units to the market to meet renter demand.
- Multifamily vacancy in Orange County ended 2019 at 3.7 percent. The rate dropped 20 basis points in the fourth quarter and fell 30 basis points from one year earlier.
- Asking rents rose 2.9 percent in 2019, ending the year at $2,000 per month. The strongest gains of the year were recorded during the fourth quarter.
- In 2019, the median price reached $317,500 per unit, while cap rates averaged approximately 4 percent. Prices rose and cap rates compressed during the fourth quarter.