Orange County Multifamily Market Report

The following reflects Orange County multifamily market conditions as of 2Q 2026.

The Orange County multifamily market in 2Q 2026 continued to demonstrate resilience, with rent growth remaining positive and absorption increasing despite a modest rise in vacancy. New construction deliveries accelerated significantly while the development pipeline contracted, reflecting a shift from projects under construction to completed inventory. Explore our full Orange County multifamily market review for in-depth analysis and trends.

Frequently Asked Questions

What is the current vacancy rate for Orange County multifamily properties in 2Q 2026?

The Orange County multifamily vacancy rate was 4.3% in 2Q 2026, according to Kidder Mathews research. This was up 50 basis points from 3.8% in 2Q 2025 and up slightly from 4.0% in 1Q 2026. Despite the year-over-year increase, Orange County remains among the lowest-vacancy multifamily markets in major California metros.

What are average asking rents for Orange County apartments by unit type in 2Q 2026?

Average monthly asking rent across all unit types reached $2,727 per unit in 2Q 2026, a 1.8% increase year-over-year (Data source: CoStar). By unit size, average monthly rents were $2,118 for studios, $2,461 for one-bedroom units, $2,977 for two-bedroom units, and $3,373 for three-bedroom units.

How much multifamily net absorption occurred in Orange County in 2Q 2026?

Net absorption, which measures the change in occupied units, totaled 1,615 units year-to-date through 2Q 2026, according to Kidder Mathews research. This represents a 29.8% increase compared to 1,244 units absorbed over the same period in 2025, reflecting continued renter demand across the market.

How many multifamily units are under construction in Orange County in 2Q 2026?

There were 3,093 multifamily units under construction in Orange County as of 2Q 2026, down 49.7% from 6,147 units a year earlier (Data source: CoStar). The contraction reflects a wave of project completions alongside fewer new developments entering the pipeline. Notable projects still underway include Elements Phase III (593 units) in the Irvine Business Complex and The Carina (408 units) in Santa Ana.

How many multifamily units were delivered in Orange County in 2Q 2026?

New construction deliveries totaled 3,258 units year-to-date through 2Q 2026, a 311.4% increase compared to 792 units delivered over the same period in 2025, according to Kidder Mathews research. Major completions included Pacifica Place at Irvine Spectrum (1,100 units) and Meridian at The Market Place in Lower Peters Canyon (831 units), both delivered by The Irvine Company in April 2026.

What is the average sale price per unit for Orange County multifamily properties in 2Q 2026?

The average multifamily sale price was $338,935 per unit in 2Q 2026, down 7.0% from $364,602 per unit a year earlier (Data source: CoStar). The decline in pricing came alongside expanding cap rates as investment terms adjusted.

What are average cap rates for Orange County multifamily properties in 2Q 2026?

The average cap rate for Orange County multifamily properties was 5.0% in 2Q 2026, up 30 basis points from 4.7% in 2Q 2025, according to Kidder Mathews research. The expansion in cap rates coincided with a decline in average sale price per unit over the same period.

What was the largest multifamily sale transaction in Orange County in 2Q 2026?

The largest multifamily sale in 2Q 2026 was Crystal View Apt Homes in Garden Grove, a 402-unit property that sold for $132,500,000, or $329,602 per unit (Data source: CoStar). Eagle Real Estate Partners acquired the property from Bridge Inv. Group Hldgs, LLC. Other notable sales included Bentley Parke in Santa Anita Park (232 units, $65,200,000) and Brea Grove Residences in Brea-Olinda (68 units, $27,250,000).

Which Orange County submarkets are seeing the most new multifamily construction?

The Irvine Business Complex and Santa Ana submarkets are seeing the most active multifamily construction in Orange County, according to Kidder Mathews research. Under-construction projects there include Elements Phase III (593 units) and Nova (371 units) in the Irvine Business Complex, and The Carina (408 units) and Central Pointe (325 units) in Santa Ana. The Irvine Spectrum submarket has also seen significant recent completions.

What is the outlook for the Orange County multifamily market heading into the second half of 2026?

The Orange County multifamily market is expected to remain resilient, with rent growth continuing even as vacancy has edged modestly higher, according to Kidder Mathews research. A sharply reduced construction pipeline, following a surge in 2026 deliveries, should help support occupancy and rent performance as new supply moderates. Investment activity may continue to reflect adjusting cap rates as pricing recalibrates.

Last updated: 2Q 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

2Q 2026 Orange County Multifamily Market: Key Data Points

• Vacancy Rate Remains Low: Orange County’s multifamily vacancy rate reached 4.3% in 2Q 2026, up 50 basis points year-over-year but still among the lowest levels in major California markets.
• Average Asking Rents Continue to Rise: Average asking rent increased to $2,727 per unit per month, representing a 1.8% year-over-year gain.
• Construction Pipeline Contracts: Units under construction fell to 3,093, a 49.7% decrease from one year ago as projects were completed and fewer new developments entered the pipeline.
• New Construction Deliveries Surge: Multifamily deliveries totaled 3,258 units year-to-date, a 311.4% increase compared to the same period in 2025.
• Net Absorption Strengthens: Total net absorption reached 1,615 units year-to-date, up 29.8% year-over-year, reflecting continued renter demand across the market.
• Investment Pricing Moderates: Average sales price declined to $338,935 per unit, down 7.0% year-over-year, while average cap rates expanded to 5.0%.

Average Rent by Unit Type

Significant Sale Transactions 2Q 2026

Significant Under Construction

Significant Completed Construction 2Q 2026