Market Report
Orange County Multifamily Market Report
1Q 2026
Consistent Employment Gains Keep
Market
Tight and Poised for Long-Term Growth
Property fundamentals remain healthy, despite an uptick in apartment deliveries. Orange County is projected to be one of only five major U.S. metros where 2026 deliveries exceed those in 2025, though the total remains relatively small. Limited land availability has supported a consistent pipeline in the 2,000- to 3,000-unit range since 2018, helping keep metrowide vacancy below 4 percent. This year’s completions are concentrated in North and South Irvine, the two submarkets with the highest average rents in the metro after Newport Beach. Absorption of these new units is expected to be strong, as Class A vacancy held flat and rents climbed faster than other tiers last year. Looking ahead, Orange County’s concentration of high-income, office-based employment — reinforced by return-to-office trends — should continue to underpin multifamily demand. The metro is expected to remain the second-least vacant market on the West Coast.
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