Where is OC Multifamily Headed?

IRVINE, CA—Orange County apartment rents have surpassed previous peak rents of 2008, and concessions are no longer the norm—and in fact are non-existent in most markets, Ray Eldridge, SVP at CBRE tells GlobeSt.com. Eldridge will be part of a panel of experts who will discuss what lies ahead for the multifamily market in Orange County at RealShare Orange County here on August 21. For information about the event or to register to attend, click here.

“Given Southern California’s strong multifamily fundamentals and strategic location, coastal Orange County fared far better than many major metropolitan statistical areas during the national economic downturn,” says Eldridge. “Driving the strong demand for rental housing is the county’s extremely high quality of life, low home affordability, mild climate, diverse employment base and coastal orientation. Current unemployment within the county is 5.2%, the lowest it has been since June 2008. County employment is very strong as compared to California as a whole (7.4%) and the nation (6.1%).”