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ORANGE COUNTY-Orange County is within the top 50 counties nationwide in terms of the percentage of households that rent vs. own residences, according to a multifamily snapshot from Jones Lang LaSalle. This fact, in combination with the increasing cost of homeownership, has kept renter demand strong throughout the metro area in recent months, the firm reports.

Even with the introduction of new apartment deliveries, unit absorption has kept its pace, average 2,400 units per quarter, says JLL. Market vacancy is 3.6%, its lowest level since 2000, and annual rent growth across the area averages 4.3%. There are approximately 3,419 units under construction, which would increase inventory by 1.6%. Over the last three years, absorption averaged 4,300 units per year, on a net basis.

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