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Market Report

Orange County Multifamily Market Report

3Q 2021

Orange County Among Nation’s Tightest Markets;
Buyer Interest Pressures Pricing

Luxury vacancy reaches 20-year low. Renter demand for high-end Orange County apartments surged over the past year as traditional office-using firms added staff. Since last July, the employment segment is responsible for nearly 20 percent of the total jobs created. Many of these positions provide individuals with an above-average wage; however, most professionals are unable to afford the metro’s $1 million-plus median home price. With limited housing options and a desire for greater flexibility, these individuals filtered into the renter pool during the last 12 months. This produced a heightened level of demand for upper-tier units that cut Class A vacancy by 190 basis points. At 2.8 percent, luxury availability at the onset of the second half was the second lowest among major U.S. markets despite an average rent that exceeds the national Class A mean by $630 per month.
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