Orange County, California, Apartment Rents Remain Stable in March

On average, market-wide apartment rents in Orange County, California, remained stagnant during the first quarter of 2024. Although rising expenses are biting into owner operating incomes, landlords have resisted raising rents in response to softer demand. Operators are focused on maintaining high occupancy, and the lack of recent rent growth has improved affordability for renters in the market. Demand could strengthen again if rents remain stable while tenant incomes rise.