Demand Moderates for Orange County’s Expensive Apartments

Over the past year, apartment demand has fallen in nearly half of Orange County's neighborhoods, including in the suburban south county area, one of the region’s primary job nodes. In supply-heavy Irvine, which leads Orange County’s multifamily development pipeline, demand has moderated considerably in 2022. Over the past 12 months, only about 500 units have been rented on net, which is about one-third of the long-term average there.