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Market Report

Orange County Multifamily Market Report

3Q 2023

Irvine Exemplifies the Standout Demand that
Exists for Orange County Apartments

Both low- and high-tier complexes register strong leasing. Orange County is home to the lowest luxury vacancy among major U.S. apartment markets, despite entering the second half of this year with an average Class A rent of roughly $3,000 per month. The metro’s sizable tally of traditionally office-using positions, nearly 30 percent of the total workforce, and its high single-family home prices serve to support this standing. As of August, more than 5,500 units were underway, upcoming deliveries that will further test the metro’s capacity for Class A rentals. On the opposite end of the rental spectrum, the Class C sector entered the second half of this year with vacancy 30 basis points below its long-term average, with nine submarkets home to sub-3 percent lower-tier rates. The gap between Class B and Class C rent is a driving factor. Spanning the past four quarters, the disparity between each segments’ average effective rate ranged from $370 per month to an all-time high of $520. 
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