Pulse on the
A Quarterly Review of Key Financial
4th Quarter 2021 Update Apartment Data
Orange County
USA
Data Source Qualifications
4th Qtr 2019
4th Qtr 2020
4th Qtr 2021
4th Qtr 2019
4th Qtr 2020
4th Qtr 2021
40
55
67
3,912
3.952
5,880
$419 Million
$756 Million
$1.45 Billion
$52.4 Billion
$54.1 Billion
$139 Billion
• Actual Average Cap Rate
4.25
4.14
3.56
5.46
5.28
4.45
• Average Gross Rent Multiplier
15.01
14.77
16.72
13.85
13.43
14.82
• Price per Square Foot
$404.91
$356.70
$388.27
$174.51
$167.56
$227.46
• Price Per Unit
$343,869
$335,080
$428,390
$167,376
$169,578
$229,721
$2,149
$2,140
$2,512
$1,427
$1,418
$1,577
Annual Effective Rent Growth
2.9%
–1.0%
16.7%
3%
–1.2%
13.8%
Concession Percentage
2.4%
3.9%
3.8%
3.4%
5.7%
6.0%
Source: RealPage, Inc. www.realpage.com Primarily 100 unit + properties; “concession percentage” is the percentage of units offering concessions.
Average Occupancy Rate
96.4%
96.8%
98.8%
95.7%
95.6%
97.4%
Source: RealPage, Inc. Source: US Bureau of Labor Statistics; uses private sector wages, last month of quarter; not seasonally adjusted
Total Apartment Sales Transactions Total Sales Volume
Average Rent Level
Average Monthly Employee Wages** Apartment Building 2–4 Units Permits Issued by total # of units 5+ Units (not buildings)**
$4,961
$5,241
$5,481
$4,287
$4,500
$4,719
466
463
481
10,700
13,300
13,800
5,390
4,399
4,206
136,400
119,000
160,200
Source: Co-Star www.costar.com 5 unit + properties
Source: U.S. Census Bureau: Privately owned, new construction
Consumer Price Index*
3%
1.5%
6.6%
2.3%
1.4%
7.0%
Source: U.S. Bureau of Labor Statistics; % change using last month of quarter versus same month one year previous
Unemployment Rate**
3.9%
11.1%
5.6%
3.6%
6.7%
3.9%
Source: U.S. Bureau of Labor Statistics; reflects last month of quarter
Pulse on the Marketplace is produced and edited exclusively for Apartment News by Nick Lieberman, President, Bona Fide Mortgage and AAOC Board Member. For questions or comments: (949) 651-0999, or nlieberman@cox.net * For CPI, “Orange County” includes Orange, Los Angeles, and Riverside Counties. ** For Apartment Building Permits, Average Monthy Employee Wages and Unemployment Rate, “Orange County” includes the Los Angeles– Long Beach–Anaheim, CA Metropolitan Statistical Area.
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Apartment News
www.aaoc.com
April 2022
