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Market Report

Orange County Multifamily Market Report

3Q 2022

Affordability Gap Places Most Households in the Renter Pool;
High-Paying Job Creation Aids Irvine

Apartments provide relief from home prices. Orange County's multifamily sector is in a position of strength. Entering the second half of 2022, the area had the lowest Class C vacancy among major U.S. rental markets, the second-lowest Class B availability and was tied for the lowest Class A rate. A sizable proportion of professional services, retail and hospitality positions is to credit, as are single-family home prices, which are out of reach for most households. During the first six months of 2022 alone, the gap between the monthly mortgage payment on a median priced home and average effective rent widened by more than $2,000 to $5,220 per month. Difficulties surrounding homeownership suggest the metro will remain one of the country's tightest rental markets over the near term.
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