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ORANGE COUNTY, CA-Although still holding steady, the Orange County multifamily market has begun to feel the effects of this year’s flagging economy, according to a recently released report by Hendricks & Partners.

The overall average vacancy rate jumped from 2.7% in the second quarter of 2000 to 3.6% in the second quarter of 2001, according to the Hendricks & Partners’ research. In South Orange County, the large volume of new construction pushed the overall vacancy rate up to 4.8% in second quarter 2001 from 3.4% in second quarter 2000. North Orange County fared the best, with the average vacancy level rising only slightly from 2.5% in second quarter 2000 to 2.8% in this year’s second quarter.

As vacancies rose, rent growth slowed, according to the Hendricks & Partners’ report. During the one-year period ending June 2001, the overall average rate increased by 8.1%, from $1,100 to $1,190, compared to the 8.9% gain recorded in June 2000.

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