Orange County apartment rents are likely to stay at or near record levels in the coming months as a slowdown in construction impacts a market with a 96% occupancy rate.
There were no multifamily deliveries in the fourth quarter in OC and no significant construction starts in the second half of 2024, according to Colliers’ latest market report.
Rents in OC have leveled off at nearly $2,600 a month, with an average effective rent of $2,598 in Q4. After torrid rent growth during the pandemic, Orange County rents remain nearly 28% above pre-pandemic levels.
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