Orange County Multifamily Supply
➤ Some 5,036 units were under construction in Orange County as of November, most of them catering to Lifestyle renters. Meanwhile, the occupancy rate in stabilized properties remained flat year-over-year at 96.0% as of October.
➤ Multifamily development took a step down in 2019. Through November, 2,181 units came online, representing 1.1% of total stock, and coming in below the 2.0% national average. The metro’s pipeline as of November also included 22,000 units in the planning and permitting stages. Absorption is expected to hold strong, boosted by household creation and high-paying jobs.
➤ Submarkets with the highest number of units under construction included Santa Ana (1,042 units), Tustin (738 units), Anaheim–Central (708 units), West Irvine (660 units), and South Orange County (492 units). One Uptown Newport ranked as the metro’s largest multifamily project underway as of November. Developed by The Picerne Group, the community will include 462 units—92 of which will be affordable—as well as 11,500 square feet of retail.