• Multifamily demand remained very strong, as evidenced by the 3,636 units absorbed for the year ending Q3 2017, up by 4.0% from the year ending in Q3 2016, and up by 36.8% over the 10-year average

  • The relatively low vacancy rate of 4.4% increased marginally from a year ago

  • New unit deliveries remained at peak levels with 4,954 units completed year to date, while starts decreased only slightly from the same time last year

  • The average monthly effective rent of $1,843 increased 3.2% from the prior year and has increased for 28 consecutive quarters

  • Acquisitions activity remained elevated but below 2016’s peak volume; the year-to-date $1.2 billion total was 21.2% less than the same time last year; activity in the garden apartment sector (90.1% of the market) edged down by 9.4% through Q3, while mid/high-rise assets fell more suddenly

  • Cap rates for stabilized infill and suburban assets held firm as private buyers searched for value-add opportunities; multifamily cap rates in the O.C. rank among the nation’s lowest and local professionals expect no change for H2 2017.