Slowing Deliveries, Steady Demand
Orange County fundamentals were steady in early 2026. Average advertised asking rents fell 0.2%, on a trailing three-month basis through February, to $2,863. However, rents rose 1.4% year-over year, ahead of the 0.1% national uptick to $1,740, as per the national multifamily market report. Meanwhile, the occupancy rate in stabilized properties inched up 10 basis points over 12 months, to 96.5% as of February, sustained by gains in the Lifestyle segment.
Job growth slowed to 0.2% through December 2025, trailing the 0.6% U.S. rate, while unemployment closed the year at 3.9%, below both California’s 5.5% and the 4.4% national figure. Orange County added 2,200 net jobs last year, with gains led by education and health services and leisure and hospitality, while professional and business services and mining, logging and construction posted the largest losses. Health-care expansion remained a strong economic driver, led by UCI Health’s $1.3 billion Irvine campus. The project’s final phase is expected to open in December, alongside Hoag’s $1 billion Irvine expansion that’s also scheduled for a 2026 opening.
Supply growth remained modest, with 1,930 units delivered in 2025. Meanwhile, construction starts accelerated, and the metro had 7,726 units underway as of February. Investment activity stayed soft, totaling $792 million in 2025, below the metro’s long-term average. However, pricing remained elevated, with the per unit value at $441,940, up almost 25% year-over-year.
Read the full Yardi Matrix Orange County Multifamily Market Report: April 2026
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