{"id":7382,"date":"2023-11-16T13:07:00","date_gmt":"2023-11-16T13:07:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7382"},"modified":"2024-05-16T13:23:11","modified_gmt":"2024-05-16T13:23:11","slug":"october-2023-orange-county-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/october-2023-orange-county-multifamily-market-report\/","title":{"rendered":"Orange County Multifamily Market Report \u2013 October 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/orange-county-multifamily-market-report\/\">Orange County Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Tight Rental Market Boosts Rents<\/h2>\n<p>During the third quarter, Orange County\u2019s multifamily market displayed healthy fundamentals, with rent growth picking up and supply expanding steadily without significantly impacting the metro\u2019s occupancy.\u00a0 The average rent rose 0.7% on a trailing three-month basis, to $2,759, while <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2023\/\"><strong>the U.S. rate increased 0.2%<\/strong><\/a>, to $1,728. The occupancy rate stood at 96.6% as of July, following a 60-basis-point year-over-year decrease, earning it a spot among the five tightest major multifamily markets in the U.S.<\/p>\n<p><iframe id=\"datawrapper-chart-JzRYB\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orange County vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/JzRYB\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Orange County unemployment stood at 3.6% in July, slightly behind the 3.5% U.S. figure and well ahead of the state (4.6%) and all other major California metros, except San Jose, which also clocked in at 3.6%. The market expanded 2.7% year-over-year as of June, having added 40,200 positions. Of all sectors, only financial activities lost jobs (500 positions). Education and health services (11,600 jobs) and leisure and hospitality (9,200 jobs) led gains. The former is poised for sustained expansion via massive projects underway, which will trigger regional growth, from housing to local schools.<\/p>\n<p><iframe id=\"datawrapper-chart-4ibuf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orange County Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/4ibuf\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered 801 units in 2023 through August and had 10,287 units under construction. By the end of the year, Yardi Matrix expects another 2,264 units to come online. Meanwhile, investment activity remained tepid, with just $216 million in multifamily assets trading in 2023 through August. The price per unit dropped to $224,371, leading the $186,926 U.S. rate.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4640-MatrixMultifamilyOrangeCountyReport-October2023\" rel=\"\"><strong>Matrix Multifamily Orange County Report-October 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Tight Rental Market Boosts Rents During the third quarter, Orange County\u2019s multifamily market displayed healthy fundamentals, with rent growth picking up and supply expanding steadily without significantly impacting the metro\u2019s occupancy.\u00a0 The average rent rose 0.7% on a trailing three-month basis, to $2,759, while the U.S. rate increased 0.2%, to $1,728. The occupancy rate stood [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,34],"class_list":["post-7382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 October 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Orange County rent growth continued to rise, up 0.7% on a T3 basis through August, to $2,759, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" 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