The Brook Report

OC Multifamily
Market Reports.

Monthly insights on cap rates, rent trends, interest rates, and investment opportunities across Orange County — from a broker who's in the market every day.

Current Market Snapshot — Q1 2026

Where OC multifamily stands today.

Cap Rate Range
4.5–5.8%
OC multifamily, all asset classes. North OC (Fullerton, Anaheim) tends toward the higher end of this range.
Median Price Per Unit
~$285K
Orange County multifamily average. Varies significantly by submarket, unit mix, and condition.
Vacancy Rate
~3.5%
OC multifamily vacancy remains historically tight. Strong employment and limited new supply keep demand elevated.
YoY Rent Growth
~3.2%
Year-over-year rent growth across Orange County multifamily. Fullerton and Anaheim slightly above average.
Interest Rate Environment
Elevated
Rates remain elevated relative to 2020–2022 levels, compressing buyer purchasing power and creating negotiating opportunity for prepared sellers.
Market Sentiment
Cautiously Active
Qualified buyers remain active. Sellers who price correctly are transacting. Overpriced listings are sitting longer than in prior cycles.

Cap rate and price per unit data sourced from CoStar transaction data and updated quarterly by Patricio Brook. Vacancy and rent data from U.S. Census Bureau ACS. For informational purposes only.

Report Archive

Monthly market insights.

Each issue of The Brook Report covers what's actually happening in OC multifamily — not macro economic commentary, but on-the-ground data from active listings, pending transactions, and closed deals. Published monthly and archived here.

Q1 2026
OC Multifamily Market Update — Q1 2026
Cap rates holding steady at 4.5–5.8% across the county. Buyer activity picking up in North OC as sellers begin pricing to current market rather than 2022 comparables. Fullerton and Anaheim seeing the most qualified showings per listing. 1031 exchange demand strong from LA County investors targeting OC replacement properties.
Cap Rates Fullerton Anaheim 1031
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Feb 2026
Interest Rates & OC Multifamily: What Owners Need to Know
Elevated rates continue to compress buyer purchasing power, but motivated sellers are still transacting. Analysis of how the current rate environment affects cap rate expectations, buyer financing, and what it means for your holding strategy. Plus: why some owners are choosing to sell now rather than wait.
Interest Rates Buyer Demand Market Strategy
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Jan 2026
2025 Year in Review — North OC Multifamily Transactions
A look back at 2025 transaction volume, cap rate trends, and pricing in Fullerton, Anaheim, Buena Park, and Garden Grove. Which submarkets outperformed? Where did deals take longest to close? What the data tells us about 2026 market conditions.
Year in Review North OC Transaction Data
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Dec 2025
1031 Exchange Timing: Why Year-End Creates Opportunity
December and January consistently see motivated sellers who need to close before year-end tax deadlines. How to identify and act on 1031 exchange opportunities, and what replacement property options look best right now in OC multifamily.
1031 Exchange Year-End Timing
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Nov 2025
Value-Add Investing in Anaheim: Where the Upside Is
A deep dive into below-market rent opportunities in Anaheim's Central and West submarkets. Analysis of how much rent upside exists in typical 1970s-era buildings, what renovation costs look like today, and how to underwrite a value-add deal in the current rate environment.
Value-Add Anaheim Underwriting
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Related pages
OC Market Data › Fullerton Market › Anaheim Market › Seller's Guide ›

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