Orange County Multifamily Figures Q1 2026

— The Orange County multifamily market closed Q1 2026 with an occupancy rate of 96.1%.This marked a 10-bps decline from Q4 2025, driven by newly delivered vacant space.

— There was positive absorption of 371 units in Q1 2026, compared to 940 units of positive absorption in Q4 2025. West Irvine made up majority of the net absorption, totaling 327 units. Vacancy rose modestly during Q1 2026, yet positive absorption in the market indicated that leasing demand remained intact.

— There were 461 units delivered in Q1 2026, compared to 1,642 units in Q4 2025. With rising construction costs and broad economic headwinds, development activity dwindled while completions fell sharply quarter-over-quarter.

— The overall average rent per unit per month for multifamily in Orange County ended Q1 2026 at $2,896, representing no change from Q4 2025 as landlords had minimal pricing power as renters grappled with elevated costs of living which decreased demand.

— The total multifamily investment sales in Q1 2026 amounted to $197.8 million in total volume, compared to $452.3 million in Q4 2025. The quarter-over-quarter decline largely reflected smaller transaction sizes during Q1 2026.