Orange County multifamily vacancies vary by region

The headline vacancy rate in multifamily properties in Orange County, California, was nearly flat in 2025, but performance showed distinct class and regional differences. High-end properties performed better operationally, while mid- and lower-quality properties that rent at a lower price point felt pressure from occupancy losses. As a result, market rent growth for low-quality properties has slowed to its lowest pace in 15 years.