Orange County Multifamily Market Report

Delivery volume reaches nine-year high. Apartment vacancy across Orange County has remained below 4 percent since mid-2020, a testament to the consistent demand for local rentals, even amid economic volatility. During the first three months of 2026, vacancy remained unchanged at 3.9 percent, despite the delivery of 1,287 units, the largest quarterly tally this decade. The metro’s ability to withstand additional supply waves will be tested in the coming quarters as another 3,000-plus rentals are slated for delivery before year-end. Fortunately for these properties, Orange County has a sizable white-collar workforce that is priced out of homeownership despite maintaining higher incomes, suggesting most new rentals should be well received.