IRR-Orange County Mid-Year Viewpoint 2015 Local Market Report - Multifamily
The Orange County multifamily market contains an overall inventory of about 211,568 units. The market has generally strengthened over the last four years. The improving job market, lack of new construction and rising home value continued to drive demand for apartments in 2014, leading to a record low vacancy of 1.90%. High land and construction costs, shortage of desirable development sites, and community resistance to high-density development has held development at bay.
The city of Costa Mesa is adding two apartment complexes and it is expected that 4,449 units will be added to the Orange County inventory in 2015. As a result, a slight increase in vacancy is expected. Despite the increased vacancy rates; rents will continue to increase as demand outpaces supply as for sale homes and condominiums become less affordable. As new deliveries have arrived in Orange County, the metro has managed to sustain rent growth to slightly above that of the national average. Rent growth has been consistently healthy within the Orange County market and we expect an increase of +3.0% in the remainder of 2015.
Download the full version PDF of this Local Market Report below to see the charts, graphs, and tables not included above.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.