Pulse on the
A Quarterly Review of Key Financial
1st Quarter 2022 Update Apartment Data
Orange County
USA
Data Source Qualifications
1st Qtr 2020
1st Qtr 2021
1st Qtr 2022
1st Qtr 2020
1st Qtr 2021
1st Qtr 2022
25
60
55
3,105
3,357
4,256
$166 Million
$773 Million
$680 Million
$39.5 Billion
$35.7 Billion
$58.2 Billion
• Actual Average Cap Rate
4.39
3.91
4.03
5.42
5.30
4.50
• Average Gross Rent Multiplier
14.29
15.58
16.52
13.71
14.12
14.95
• Price per Square Foot
$299.07
$381.50
$460.31
$162.69
$152.74
$213.86
• Price Per Unit
$248,558
$362,728
$400,615
$157,987
$150,986
$211,737
$2,154
$2,177
$2,590
$1,436
$1,425
$1,633
Annual Effective Rent Growth
3.2%
0.6%
18.1%
2.8%
–0.9%
15.2%
Concession Percentage
2.7%
3.8%
6.1%
3.6%
6.0%
5.8%
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%
98.7%
95.5%
95.5%
97.6%
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)**
$4,960
$5,208
$5,477
$4,297
$4,516
$4,764
521
479
510
10,000
12,600
12,500
4,651
6,182
3,229
99,500
118,400
142,400
Source: Co-Star www.costar.com 5 unit + properties
Source: U.S. Census Bureau: Privately owned, new construction
Consumer Price Index*
1.9%
2.2%
8.5%
1.5%
2.6%
8.5%
Source: U.S. Bureau of Labor Statistics; % change using last month of quarter versus same month one year previous
Unemployment Rate**
6.1%
9.6%
4.5%
4.4%
6.0%
3.6%
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
July 2022
