Orange County Multifamily Market Report

Fundamentals remain positive but exposed to uncertainties. Orange County’s multifamily market has stayed relatively stable in recent years, maintaining a steady pace of net absorption despite broader economic fluctuations. This resilience has been supported by job growth, rising household formation and, notably, a return to positive net in-migration in 2024 — the first such gain since 2015. These demographic tailwinds have set Orange County apart from most other major California markets. The first quarter of 2025, however, marked a slight reversal, with the metro posting modest negative net absorption. This shift may partly reflect slowing international immigration — the main driver of recent population growth, which is now at risk due to changes in federal policy.