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How Will Apt. Deliveries Affect the OC Market?

Orange County’s population is projected to grow 4.9% between now and 2021, reinforcing the need for more apartment units—but where will they be developed and how will rents be affected? JLL’s Darcy Miramontes tells GlobeSt.com what’s to come.

Darcy Miramontes Miramontes: “There will be a minimal effect on rental rates in Orange County with the additional supply simply because it has the 15th largest economy in the US.”

ORANGE COUNTY, CA—Orange County’s population is projected to grow 4.9% between now and 2021, reinforcing the need for more apartment units—but where will they be developed and how will rents be affected? According to recent research from JLL, Orange County’s multifamily supply has grown from 66,138 units in midsize and large complexes in 2007 to a current total of 105,725 units, with continue growth expected. We spoke with the firm’s EVP Darcy Miramontes about where the units will go, how land constraints are affecting growth and how additional supply will affect rental rates.

GlobeSt.com: With Orange County’s population expected to grow nearly 5% in the next four years, which submarkets are expected to see the most growth in multifamily units?

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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