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Boom in Multifamily Construction May Slow Rent Growth at Top End of Market, Report Says

ORANGE COUNTY, CA-The latest report released by M/PF Research shows new product under construction at triple the amount of product delivered last year.

By Joel Cone | Updated on January 10, 2001

ORANGE COUNTY, CA-Soaring rents, low vacancy rates and intense demand for housing are contributing factors to a rapid increase in multifamily construction currently under way throughout the county, a new report says.

“Compared to what Orange County has seen the last few years, it’s quite an upswing. Orange County has faced an undersupply of new apartments recently,” says Greg Willet, editorial director for M/PF Research, a Carrollton, TX-based market research firm specializing in apartment properties. “Completions since the mid-1990s have averaged only about 1,300 units annually, inadequate to meet the needs of an area where significant job additions are helping to fuel notable new household formation.”

According to the latest edition of M/PF Research’s Orange County Apartment Report, there are currently 4,453 units under construction throughout the county, more than triple the 1,429 units delivered for all of 2000.

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