Orange County Leads US Apartment Rent Growth Heading Into 2024

Orange County, California, leads U.S. markets at the beginning of 2024 with a nearly 4% annual increase in apartment rents. In the second-leading market in California, San Diego, rents are up by less than 1% over the trailing year as of mid-January, while rents in both Los Angeles and California's Inland Empire are nearly even. The stronger gains in Orange County reflect a balance in supply and demand increases in 2023. In comparison, completions significantly outpaced demand nationally and in all adjacent markets to Orange County.