Orange County Multifamily Figures Q3 2026

— The OC Multifamily market closed Q3 2026 with an occupancy rate of 96.5%. This represented a 20-bps increase from Q2 2026 as demand continued to outpace new supply.

— There was positive absorption of 1,356 units in Q3 2026, compared to 2,184 units in Q2 2026. North OC and South Irvine comprised the majority of net absorption, totaling 769 units. Despite net migration out of OC and stalling household growth, demand remained strong, giving landlords elevated pricing power.

— There were 815 units delivered in Q3 2026, compared to 1,299 units in Q2 2026. Development remained consistent over the past several years as the Multifamily sector continued to offer opportuntities for developers.

— The overall average rent ended Q3 2026 at $2,999 per unit per month, up 1.7% from Q2 2026. New product and higher vacancy in apartments built after 2020 brought average rental rates higher.

— Multifamily investment sales in Q3 2026 totaled $934.2 million, compared to $221.6 million in Q2 2026. The increase in sales was primarily driven by seven larger deals of $50 million or greater, accounting for 90% of total volume.