Supply Muted, Rents See Uptick
While the U.S. multifamily market entered its seasonal cooling phase, Orange County hit a new peak, according to the latest Yardi Matrix Orange County multifamily market report. Advertised asking rents in the metro rose 0.3%, on a trailing three-month basis through August, to $2,857, while the U.S. rate inched up 0.1%, to $1,755. The county remained one of the tightest rental markets in the U.S., with occupancy in stabilized properties at 96.5% as of July, down 20 basis points year-over-year, as per the national multifamily market report.
Employment growth posted its first uptick since late 2024, up 0.1% as of June, yet still well behind the 0.8% national rate. Unemployment reached 4.8% in July, above the 4.2% national figure but below California’s 5.5% rate. Job growth was sustained by four sectors, with education and health services (13,500 jobs) and leisure and hospitality (3,200) recording the highest gains. Six other sectors lost 9,100 jobs combined, led by financial activities (-2,400) and professional and business services (-2,200). The UCI Health — Irvine inpatient tower is slated to open in December. Meanwhile, at the multibillion-dollar OCVibe, the parking and ridesharing facility is set to open this year, with the market hall, office building and concert venue to follow in 2026.
Supply cooled in Orange County this year, with 511 units coming online through August and another 7,736 units underway. Investment remained moderate, with sales reaching $533 million through August, and the price per unit jumping by one-third.
Read the full Yardi Matrix Orange County Multifamily Market Report: October 2025
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