Orange County, CA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Orange County's multifamily market held firm in early 2026, supported by one of the most constrained supply environments among major California metros. Just 1,930 units were delivered in 2025, keeping occupancy in stabilized assets at 96.5% in February, up 10 basis points year-over-year on Lifestyle segment strength. Asking rents rose 1.4% year-over-year to $2,863, outpacing the 0.1% national gain by a wide margin, despite a modest 0.2% trailing three-month dip. Construction starts accelerated, with 7,726 units underway as of February, signaling more supply ahead. The average price per unit climbed nearly 25% year-over-year to $441,940. Dual healthcare megaprojects, UCI Health's $1.3 billion Irvine campus and Hoag's $1 billion Irvine expansion, are both slated to open in 2026, anchoring near-term demand.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Orange County April 2026 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment pricing to help owners and investors assess market conditions. To read the full report, click here.