Jonathan Giannola Jonathan Giannola

Demand for rental housing has continued to grow in Orange County. Low unemployment—which has hit 3%—and high single-family housing pricing has fueled the growth in the market—but with rising rental rates, can the market continue to grow? According to the latest quarterly report from Marcus & Millichap, the multifamily vacancy rate inched up 50 basis points and construction of new units trended down slightly, however, rental rates continued to climb—up 3.7% for the quarter. With the increase in vacancy rate, we asked Jonathan Giannola, regional manager at Marcus & Millichap, if this an indication of the softening in the market.