Orange County Multifamily Market Report

Vacancy remains low despite rising deliveries. Orange County is projected to be one of just five major U.S. metros in which apartment completions in 2026 will exceed those in 2025, although the total remains modest by national standards. Limited land availability has supported a consistent development pipeline since 2018, typically ranging between 2,000 and 3,000 units annually, helping keep metrowide vacancy below 4 percent. This year’s construction activity is concentrated in North and South Irvine — the metro’s highest-rent submarkets after Newport Beach — where strong net absorption is expected. Class A vacancy held flat in late 2025, while average monthly rents climbed more than 5 percent year-over-year, outpacing all other segments. Orange County’s workforce should continue driving multifamily demand, since office-using jobs account for about 25 percent of total employment, more than in other Southern California metros. Return-to-office requirements will reinforce the trend. Supported by these demographics and limited housing options, the market should remain the second-least vacant on the West Coast by year-end.