Orange County multifamily market adds 900 units as rents rise
Updated
Updated · NorthMarq · May 7
Orange County multifamily market adds 900 units as rents rise
12 articles · Updated · NorthMarq · May 7
About 2,400 units were absorbed over 12 months, vacancy held steady, and all major first-quarter deliveries were in Irvine, where vacancy improved year on year.
Investment activity was steady but below long-term norms, with most sales in Garden Grove and Anaheim; Class C per-unit pricing jumped 32%, surpassing 2025's Class B median.
Roughly 4,400 units are expected to be completed in 2026, the most in more than a decade, while vacancy is forecast to rise only 30 basis points and rent growth to modestly accelerate.
Can Orange County's record construction boom overcome rising costs and new rent control battles?
Are 'value-add' upgrades a win for OC renters or a quiet driver of displacement?
As a top investor exits California, is Orange County's property boom facing a hidden risk?