Orange County's multifamily market shows steady renter demand with about 2,400 units absorbed annually and rising rents. Nearly 900 new units were delivered in Q1, mainly in Irvine, which saw improved vacancy and rent growth. Investment activity remains steady, driven by Class C properties with value-add renovations boosting prices by 32%. About 4,400 units are expected in 2026, with vacancy rising slightly and modest rent growth forecast. Transaction activity will stay light, focused on lower-tier properties.