Orange County Multifamily Market Report
Limited Housing Options, Job Growth Enable Metro To Remain Among Nation’s Tightest Rental Markets
Reopenings signal economic progress. Orange County entered 2021 after recapturing nearly half of the 275,000 positions lost in March and April, an encouraging outcome considering the lack of conventions and theme park operations. Led by the return of leisure and hospitality positions and strength of the professional and business services sector, recent job creation aided apartment demand, reducing vacancy to its lowest annual point since 2000. As coronavirus case numbers decline and business restrictions are eased, additional jobs will be established, yet a broader recovery may be more than a year away. Many events previously held at the Anaheim Convention Center have already chosen other venues in states with less stringent restrictions. Additionally, when Disneyland Resort reopens tickets will be initially limited to in-state residents, who tend to have a lower economic impact on hotels and restaurants than out-of-state visitors.