The Orange County multifamily market in Q4 2025 maintained historically low vacancy rates while rents posted modest growth. Construction activity and new deliveries continued to slow, signaling limited future supply. Sales prices rose year-over-year, and cap rates increased slightly, reflecting evolving investor sentiment. Explore our full Orange County multifamily market review for detailed insights and trends.
4Q 2025 Orange County Multifamily Market: Key Data Points
- Vacancy Rate Remains Low: Multifamily vacancy held at 3.8%, down 20 bps year-over-year.
- Average Asking Rent Up Slightly: Rents averaged $2,679 per unit per month, a 2% increase year-over-year.
- Construction Pipeline Contracts: Units under construction dropped to 4,389, down 16% from last year.
- Sales Price Climbs: Average sales price per unit reached $407,716, a 7% increase year-over-year.
- Deliveries & Absorption Slow: Q4 deliveries totaled 430 units, down 46%, while net absorption was 435 units, a 12% decline year-over-year.
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