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Market Report

Orange County Multifamily Market Report

Third Quarter 2019

Rent Control Uncertainty Impacts Market; Developers Add More High-End Units

Shortage of workforce housing remains focus as new high-end supply is finalized. The Orange County rental market is bolstered by one of the nation’s highest median home prices at above $800,000. As homeownership is unattainable for many residents, apartment performance has been strong. The extended economic expansion has increased demand for housing on the lower end of the scale as more people are employed and looking to live independently. With elevated demand and a shortage of available low-cost housing options, political pressures in California calling for the implementation of rent-control policies, similar to those recently adopted in New York, have intensified. The uncertainty surrounding the issue has some buyers seeking clarity on what the implications could mean to their investment portfolios.

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