Orange County, CA Multifamily Market Report | CBRE | Q1 2026

Market Overview

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Orange County's multifamily market closed Q1 2026 with occupancy edging down 10 basis points to 96.1% as newly delivered vacant space outpaced leasing activity. Net absorption totaled 371 units, down from 940 in Q4 2025, with West Irvine accounting for the majority at 327 units. Deliveries dropped sharply to 461 units from 1,642 in Q4 as rising construction costs and economic headwinds curtailed development activity. Average rent held flat quarter-over-quarter at $2,896 per unit, with landlords facing limited pricing power as renters managed elevated costs of living. Investment sales totaled $197.8 million, led by the 245-unit Park Grove in Garden Grove trading at $342,857 per unit, though overall volume declined from Q4's $452.3 million as transaction sizes moderated.

‍About CBRE

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CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q1 2026 Orange County multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.