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2022 Q3 Orange County Multifamily Research Report

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Overall Occupancy Dips as Rents Continue to Climb

The Orange County multifamily market closed out the third quarter of 2022 with an overall occupancy rate of 97.2% and an average $2,484 effective rent per unit. Occupancy dipped 10 basis points quarter over quarter and is down 70 basis points from 12 months ago. Rents are up 4.98% year over year and now 24.8% above pre-pandemic levels. Sales volume year to date totaled $2B with an average price per unit of $515,753, despite rising interest rates and overall economic uncertainty. The average sale price per unit is now 7.3% higher than a year ago and up 55% compared to five years ago.

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2022 Q3 Orange County Multifamily Research Report

Download Report