New apartment supply in Orange County reached an eight-year high in 4th quarter – with the bulk going into North Irvine. That has caused easing fundamentals in the Irvine area, but the metro’s overall performance was solid in 2012.
Orange County registered a somewhat meaningful block of additions for the first time in two years during 3rd quarter. But will the product additions make a profound difference in the metro’s general market performance?
The slow and inconsistent recovery of the Southern California’s big four apartment markets continued into 2nd quarter 2012, with weak demand and subpar rent growth.
The outlook for the Orange County apartment market remains good, though there’s less margin-for-error in this metro than in most others.
New supply held back the Orange County apartment market in the past few years. But that changed in 2011 when Orange County achieved strong revenue growth.
The Orange County apartment market is poised for some potential strong revenue growth in the year ahead. Jay Parsons explains in this video edition of Apartment Market Dynamics.
Greg Willett and Jay Parsons look at three apartment markets that have significantly outperformed expectations so far in 2011.
For the first time in the cycle, most of Southern California’s markets posted meaningful rent increases about in line with the upturn recorded for the nation as a whole.
Occupancy has been steadily climbing in Orange County, but the same has not been true of rental rates.
Apartment market fundamentals throughout Southern California continue to get a little bit better, but the region as a whole lacks the pronounced momentum registering in the performances seen across most other parts of the country.