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Market Report

Orange County Multifamily Market Report

4Q 2024

Strong Demand Apparent Across Property Tiers;
Nationally Tight Conditions Facilitate Deal Flow

In-place dynamics poised to support limited long-term vacancy. On a national scale, Orange County continues to stand out as a rental market. Outside of the Northeast, the metro was the only major market to enter the second half of 2024 with sub-5 percent vacancy across apartment tiers. Credit partly belongs to the distinct disparities between the property classes’ average effective rents slotting households into specific units. Entering July, the gap between the mean Class A and B rate was $450 per month, while the difference between average Class B and C rents stood at $300 per month. Demand for Class C units is strongest, with vacancy at 2.9 percent. Still, the Class A and B segments noted less vacancy fluctuation over the past 12 months, with the local median home price of more than $1.37 million funneling many would-be homeowners into these rentals.

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