Orange County, CA Multifamily Market Report | CBRE | Q4 2025

Market Overview

Orange County closed Q4 2025 on steadier footing after navigating a surge of new deliveries that briefly tested the market's absorption capacity. With 1,642 units delivered, up sharply from 408 in Q3, occupancy dipped modestly to 96.1% and average rents eased to $2,914 per unit. But leasing activity responded: net absorption jumped to 875 units from just 290 in Q3, led by South Irvine and North Irvine absorbing a combined 1,414 units as renters pursued flight-to-quality options. Investment volume also picked up to $396.9 million, with roughly 80% concentrated in two larger transactions, reflecting continued institutional confidence in the market's long-term fundamentals.

About CBRE

CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 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.