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Market Report

Orange County Multifamily Market Report

2Q 2024

Strong Renter Demand Apparent for Apartments on
Both Ends of the Cost Spectrum

Unique draws, homeownership barriers benefit upper-tier units. Orange County entered April with the lowest Class A vacancy among major U.S. markets, despite an average luxury rental rate of nearly $3,200 per month. Standout demand for upper-tier units in coastal cities and professional business hubs is largely to credit, as these areas house much of the local Class A stock. In Newport Beach, Huntington Beach and West Irvine, Class A vacancy declined 10 to 30 basis points over the past year ending in March, amid sparse construction. Near-term deliveries will continue to be scant across these areas, aiding upper-tier properties. The metro's median home price of nearly $1.4 million and expectations for white collar job gains in 2024 should also stoke luxury renting, holding these submarkets' Class A vacancy rates in the 3 to mid-4 percent band.

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