Highlights:
- Orange County apartment demand is supported by many structural factors including a diverse employment base and demographic makeup, limited single-family affordability, and a high quality of life.
- Nearly 8,000 investment-grade multifamily units completed in 2022 and 2023, a 75% increase from the number of units delivered in 2020 and 2021. The majority of these units came online in the Santa Ana and South Orange County submarkets.
- Although Orange County apartment transaction volume declined by 33% in 2023, the drop in activity was shallower than both California and the U.S.
- Rising risk of rent control and other tenant protections may negatively affect the Orange County market going forward.
Fill out the form to access the full report:
Additional Insights:
Orange County, California remains a highly desirable market for renters of all ages to live in because of its attractive job opportunities, highly ranked public school systems, moderate climate, and relatively low rate of crime. Steady renter demand translated into strong market conditions. The professionally managed apartment vacancy rate held steady at 3.4% during the first quarter of 2024, one of the tightest markets in the nation.
Renter Demand Keeps Pace with Surging Supply, one of Lument’s two Q1 2024 market spotlights, was developed in partnership with Rosen Consulting Group, and gives an in-depth look at the Orange County, California market.
