Orange County Multifamily Market Report
Out-of-Reach Home Prices Support One
of the Nation's Tightest Vacancy Rates
Divergent locales exhibit similar conditions. Orange County enters April after a 12-month period where renters absorbed more than 7,500 units. Demand was noteworthy across submarkets at the opposite ends of the price spectrum. In West Anaheim, Buena Park-Cypress and Garden Grove-Westminster, areas where average rent is at least $500 per month below the metro mean, vacancy fell under 1 percent. On the other end of the scale, unit availability dropped below 2 percent in Newport Beach and South and North Irvine, despite average rents that range from $2,900 to more than $3,200 per month. Home to large swaths of tech, law and other professional services firms, these submarkets will remain tight as high-paying job creation and employees' return to offices fuel rental demand. At the same time, vacancy in the trio of lower cost submarkets should adjust minimally as service-related hiring preserves demand for regionally affordable rentals.