{"id":2119,"date":"2021-10-27T08:54:10","date_gmt":"2021-10-27T08:54:10","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2119"},"modified":"2024-02-06T10:59:59","modified_gmt":"2024-02-06T10:59:59","slug":"orange-county-multifamily-market-report-fall-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-fall-2021\/","title":{"rendered":"Orange County Multifamily Market Report \u2013 Fall 2021"},"content":{"rendered":"<h2><strong>High Demand, Low Supply Lead to Tight Market<\/strong><\/h2>\n<p>Orange County\u2019s diverse economy has helped its rental market weather the challenges of the health crisis. In August 2020, rent growth turned positive, and since the start of 2021, rents have held an ascending trend, up 1.6% on a trailing three-month basis through August, to $2,343. Heightened demand was mirrored by the occupancy rate in stabilized properties, up 130 basis points in the 12 months ending in July, to 97.2%.<\/p>\n<p>The unemployment rate improved to 6.3% in July, still trailing the U.S. rate, which stood at 5.4%. While nationally the employment market expanded by 0.3% in the 12 months ending in June, in Orange County it contracted by 1.0%, but still recovered 114,900 jobs combined across sectors. Mirroring the national trend, leisure and hospitality regained the bulk of jobs (up 39.3%, or 54,700 jobs), followed by the metro\u2019s largest sectors\u2014professional and business services and trade, transportation and utilities\u2014up a respective 6.8% and 7.3%, for 37,100 jobs combined.<\/p>\n<p>Year-to-date deliveries totaled 1,572 units and the construction pipeline consisted of 7,120 units underway. Although development picked up, it still trails pre-pandemic levels. Meanwhile, $770 million in multifamily assets traded, for a price per unit that surpassed the $400,000 mark and set a record high.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1344-MatrixMultifamilyOrangeCountyReport-Fall2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Orange County Report-Fall 2021<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Demand, Low Supply Lead to Tight Market Orange County\u2019s diverse economy has helped its rental market weather the challenges of the health crisis. In August 2020, rent growth turned positive, and since the start of 2021, rents have held an ascending trend, up 1.6% on a trailing three-month basis through August, to $2,343. Heightened [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,34],"class_list":["post-2119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-orange-county"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Orange County Multifamily Market Report \u2013 Fall 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orange County Multifamily Market Report \u2013 Fall 2021\" \/>\n<meta property=\"og:description\" content=\"High Demand, Low Supply Lead to Tight Market Orange County\u2019s diverse economy has helped its rental market weather the challenges of the health crisis. In August 2020, rent growth turned positive, and since the start of 2021, rents have held an ascending trend, up 1.6% on a trailing three-month basis through August, to $2,343. Heightened [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T08:54:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T10:59:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Orange-County-iStock-1324293117.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Orange County Multifamily Market Report \u2013 Fall 2021 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-fall-2021\/","og_locale":"en_US","og_type":"article","og_title":"Orange County Multifamily Market Report \u2013 Fall 2021","og_description":"High Demand, Low Supply Lead to Tight Market Orange County\u2019s diverse economy has helped its rental market weather the challenges of the health crisis. In August 2020, rent growth turned positive, and since the start of 2021, rents have held an ascending trend, up 1.6% on a trailing three-month basis through August, to $2,343. 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