The average apartment rent in Orange County set another record in the third quarter, hitting $2,854, a 1.8% increase over the previous three months.
The Newport Beach and South Irvine submarkets topped the leaderboard in Q3 in Orange County with average rents of $3,439 and $3,404, respectively, according to CBRE's latest market report.
The occupancy rate in OC's multifamily market ticked up to 96.2%. The market saw 1,213 completed units delivered in Q3, with a total net absorption of 1,406 units.
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