Orange County Multifamily Market Report

The following reflects Orange County multifamily market conditions as of Q3 2026.

The Orange County multifamily market in Q3 2026 experienced steady vacancy, falling unemployment, and rising rental rates year over year. Explore our full Orange County multifamily market report for deeper insights into rents, sales activity, and new construction.

Frequently Asked Questions

What is the Orange County multifamily vacancy rate in Q3 2026?

The Orange County multifamily vacancy rate was 3.9% in Q3 2026, according to Kidder Mathews research. That is down from 4.2% in Q2 2026 and unchanged from 3.9% in Q3 2025, a year-over-year change of 0 basis points (Data source: CoStar).

What are average asking rents for Orange County apartments in Q3 2026?

Average asking rent in Orange County multifamily was $2,762 per unit in Q3 2026, up 2.4% from $2,698 in Q3 2025 and up from $2,729 in Q2 2026, according to Kidder Mathews research (Data source: CoStar).

How much does it cost to rent a studio, 1-bedroom, 2-bedroom, or 3-bedroom apartment in Orange County in Q3 2026?

Average monthly rent in Orange County in Q3 2026 was $2,154 for a studio, $2,496 for a 1-bedroom, $3,014 for a 2-bedroom, and $3,390 for a 3-bedroom, according to Kidder Mathews research (Data source: CoStar).

What was Orange County multifamily net absorption in Q3 2026?

Orange County multifamily total net absorption was 1,166 units in Q3 2026, and 3,303 units year to date in 2026 compared with 1,348 units in the same period of 2025, an increase of 145.0%. Net absorption measures the net change in occupied apartment units, so positive absorption means more units were occupied than vacated (Data source: CoStar).

How many new apartment units were delivered in Orange County in Q3 2026?

Orange County delivered 407 new multifamily units in Q3 2026, according to Kidder Mathews research. Year-to-date 2026 deliveries total 3,352 units, up 143.8% from 1,375 units in the same period of 2025 (Data source: CoStar).

How many multifamily units are under construction in Orange County in Q3 2026?

Orange County had 7,454 multifamily units under construction in Q3 2026, up 6.8% from 6,977 units in Q3 2025 and up from 6,322 units in Q2 2026. The largest project is Discovery Park, a 1,858-unit development at 1000 Crescent Dr in Irvine Spectrum owned by The Irvine Company, with expected delivery in 2Q 2027 (Data source: CoStar).

What was the average multifamily sale price per unit in Orange County in Q3 2026?

The average multifamily sale price in Orange County was $396,847 per unit in Q3 2026, up 1.7% from $390,136 in Q3 2025 and up from $346,494 in Q2 2026, according to Kidder Mathews research (Data source: CoStar).

What is the average multifamily cap rate in Orange County in Q3 2026?

The average Orange County multifamily cap rate was 4.7% in Q3 2026, according to Kidder Mathews research. That is down from 5.0% in Q2 2026 and up 20 basis points from 4.5% in Q3 2025 (Data source: CoStar).

What were the largest multifamily sales in Orange County in Q3 2026?

The largest Orange County multifamily sale in Q3 2026 was Rise Apts, a 376-unit property in the Platinum Triangle that sold for $160,000,000, or $425,532 per unit, with Tishman Speyer buying from PGIM. Edge Apts, also in the Platinum Triangle, sold for $153,550,000 ($413,881 per unit), and Zia Apts in South Anaheim sold for $147,500,000, the highest price per unit of the quarter at $468,254 (Data source: CoStar).

What multifamily projects were completed in Orange County in Q3 2026?

Two significant Orange County multifamily projects were completed in Q3 2026: Nova Apts, a 371-unit property at 18130 Derian Ave in the Irvine Business Complex owned by TA Partners and delivered in August 2026, and Cay Apts, a 36-unit property at 2510 W Coast Hwy in Mariners Mile owned by Space Investment Partners and delivered in July 2026 (Data source: CoStar).

What is the outlook for the Orange County multifamily market after Q3 2026?

Kidder Mathews research shows Orange County multifamily vacancy holding at 3.9% year over year, asking rents rising 2.4%, and the construction pipeline growing to 7,454 units under construction. Upcoming deliveries include Promenade Village (Bldgs 10 and 11), a 585-unit project in Irvine Spectrum expected in 4Q 2026, and Discovery Park, a 1,858-unit project expected in 2Q 2027 (Data source: CoStar).

Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

Q3 2026 Orange County Multifamily Market: Key Data Points

Explore our full Orange County multifamily market review for deeper insights into rents, sale activity, and construction trends.

• Vacancy Rate: Vacancy was 3.9% in Q3 2026, unchanged from Q3 2025 (0 bps) and down from 4.2% in Q2 2026.
• Average Asking Rent: Average asking rent reached $2,762 per unit, up 2.4% year over year from $2,698.
• Net Absorption: Total net absorption was 1,166 units in Q3 2026 and 3,303 units year to date, up 145.0% from 1,348 units in 2025 YTD.
• New Construction: Developers delivered 407 units in Q3 2026 and 3,352 units year to date, up 143.8% from 1,375 units in 2025 YTD.
• Under Construction: 7,454 units were under construction, up 6.8% from 6,977 units a year earlier.
• Average Sale Price: The average sale price was $396,847 per unit, up 1.7% year over year from $390,136.
• Cap Rate: The average cap rate was 4.7%, up 20 bps from 4.5% a year earlier and down from 5.0% in Q2 2026.

Average Rent by Unit Type

Significant Sale Transactions Q3 2026

Significant Under Construction

Significant Completed Construction Q3 2026

Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.