• A lower vacancy rate and elevated rent growth displayed strength in the Orange County multifamily market.
• Construction activity increased with completions totaling 2,028 units for the year ending in Q3 2019 (up 20.9% from the preceding four quarters). Absorption in Orange County rose slightly from the preceding four quarters (up 10.8%), and overcame the new supply with 2,949 units absorbed over that time period.
• The vacancy rate in Orange County was 3.3% in Q3. A 50 basis point (bps) decrease from 3.8% a year ago. The lowest vacancy rate since Q1 2001.
• Orange County rents grew 3.0% from the prior year. The highest growth over the last four quarters.
• Q3 investment in Orange County multifamily totaled $146.5 million, down 36.0% year over year.