Orange County Multifamily Figures Q4 2025

— The Orange County multifamily market closed Q4 2025 with an occupancy rate of 96.1%.This represented a 30-bps decrease from Q3 2025 driven by new vacant deliveries entering the market.

— There were 875 units absorbed in Q4 2025, compared to 290 units in Q3 2025 as leasing activity improved from decreased rent prices. The South Irvine submarket absorbed 747 units and North Irvine absorbed 667 units. Despite ongoing population outflows from Orange County throughout 2025, the remaining tenants continued to highlight the trend of flight-to-quality, supported by their ability to afford top-tier assets within these submarkets.

— There were 1,642 units delivered in Q4 2025, compared to 408 units in Q3 2025 as the multifamily sector saw increased funding for development to close 2025.

— The overall average rent per unit per month for multifamily in Orange County ended Q4 2025 at $2,914, representing a 75-bps decrease from Q3 2025 as new competition from increased deliveries lowered the pricing power of landlords.

— The total multifamily investment sales in Q4 2025 amounted to $396.9 million in total volume, compared to $284.5 million in Q3 2025. Roughly 80% of total investment sales volume were driven by two larger deals, while the remaining transactions were allocated across a cluster of smaller deals in Q4 2025.