The Orange County multifamily market in Q1 2026 reflects sustained strength with historically low vacancy, modest rent growth, and a notable decline in construction activity year-over-year. While sales pricing trends upward and cap rates rise slightly, absorption softens, indicating shifting momentum in tenant demand. Explore our full Orange County multifamily market report for deeper insight into development pipelines, sales performance, and rental trends.
1Q 2026 Orange County Multifamily Market: Key Data Points
- Vacancy Near Record Lows: Vacancy dipped to 3.9%, improving by 10 bps YoY.
- Rents Continue to Rise: Average asking rent increased slightly to $2,688 per unit, up 1% YoY.
- Construction Pipeline Contracts: Units under construction fell to 4,773, a 21% YoY decrease.
- Sales Pricing Edges Up: Average sales price per unit climbed to $353,802, marking a 5% YoY increase.
- New Construction Activity Surges: New construction deliveries totaled 936 units, a 192% YoY increase.
- Absorption Softens: Net absorption reached 333 units, an 11% YoY decline.
ContactGARY BARAGONA |
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