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.

“Several areas in Central Orange County appear to have a little room for additional rent growth. Despite the demand, even in high rent submarkets like Newport Beach and Costa Mesa rents are very strong,” Giannola tells

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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