Orange County fundamentals remained healthy<\/strong><\/a> at the start of 2023. Rents contracted 0.4% on a trailing three-month basis through February to $2,687, lagging the U.S. figure, which was down 10 basis points to $1,702. The occupancy rate in stabilized properties dropped 100 basis points in the 12 months ending in January, but at 96.7%, the metro remained one of the tightest major rental markets in the country. Interestingly, the drop in occupancy was steeper in workforce communities.<\/p>\n