{"id":7995,"date":"2024-05-14T11:57:00","date_gmt":"2024-05-14T11:57:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7995"},"modified":"2024-11-07T12:32:33","modified_gmt":"2024-11-07T12:32:33","slug":"orange-county-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-april-2024\/","title":{"rendered":"Orange County Multifamily Market Report \u2013 April 2024"},"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>Rents, Occupancy Show Positive Signs<\/h2>\n<p>The metro&#8217;s multifamily fundamentals remained healthy thanks to steady demand, even as Southern California\u2019s affordability problems persist, notes the latest Yardi Matrix Orange County multifamily market report. And while short-term rent movement turned negative at the start of 2024, down 0.2% on a trailing three-month basis through February, it remained positive year-over-year, up 2.2% to $2,750. Meanwhile, the U.S. rate declined 0.1% on a T3 basis through February, to $1,713, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. Occupancy remained flat in the 12 months ending in February, at 96.5%, placing the metro among the tightest and most stable rental U.S. markets.<\/p>\n<p><iframe id=\"datawrapper-chart-qpv5V\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orange County vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/qpv5V\/2\/\" height=\"320\" 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>Last year, Orange County employment expanded 2.3%, or 36,300 net jobs, ahead of the 2.0% U.S. rate. Meanwhile, unemployment rose to 4.2% in January, surpassing the 4.0% mark for the first time since January 2022, according to data from the Bureau of Labor Statistics. While it trailed the 3.7% U.S. rate, it outperformed the state (5.2%) and all other major California areas. Three sectors lost 5,800 jobs combined last year\u2014financial activities, manufacturing and information\u2014while gains were led by leisure and hospitality (10,800 jobs) and education and health services (10,200 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-pzbnh\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Orange County Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/pzbnh\/1\/\" height=\"423\" 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>Deliveries through February amounted to 309 units, with another 6,849 units underway. However, construction starts are decelerating. Meanwhile, sales totaled $241 million through February, for a price per unit that rose 14% over last year, to $369,632.<\/p>\n<p>Read the full Yardi Matrix Orange County Multifamily Market Report: <a href=\"\/publications\/download\/file\/5492-MatrixMultifamilyOrangeCountyReport-April2024\" rel=\"\"><strong>April 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents, Occupancy Show Positive Signs The metro&#8217;s multifamily fundamentals remained healthy thanks to steady demand, even as Southern California\u2019s affordability problems persist, notes the latest Yardi Matrix Orange County multifamily market report. And while short-term rent movement turned negative at the start of 2024, down 0.2% on a trailing three-month basis through February, it remained [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,34],"class_list":["post-7995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Healthy demand kept rents steady, decreasing 0.2 percent on a T3 basis and up 2.2 percent YoY through February to $2,750.\" \/>\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-april-2024\/\" \/>\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 April 2024\" \/>\n<meta property=\"og:description\" content=\"Healthy demand kept rents steady, decreasing 0.2 percent on a T3 basis and up 2.2 percent YoY through February to $2,750.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/orange-county-multifamily-market-report-april-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-14T11:57:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T12:32:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Orange-County-iStock-1664709488.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=\"Adina Rogoz\" \/>\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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Orange County Multifamily Market Report \u2013 April 2024 - 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She joined the CPE-MHN team in 2016 and is writing real estate related news, blog articles, reports and Q&amp;As. \ud83d\udce7 You can reach out to her at adina.rogoz@cpe-mhn.com","url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Orange-County-iStock-1664709488.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/436"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=7995"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7995\/revisions"}],"predecessor-version":[{"id":8000,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7995\/revisions\/8000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7384"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=7995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=7995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=7995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}