Orange County had 7,454 apartment units under construction in Q3 2026, up 6.8% from a year earlier, and developers delivered 3,352 units through Q3, more than double the 1,375 in the same period of 2025. The largest projects are in Irvine: Promenade Village (585 units, expected Q4 2026) and Discovery Park (1,858 units, expected Q2 2027). Even so, vacancy held at 3.9% and average asking rent rose 2.4% to $2,762 (source: Kidder Mathews, Q3 2026 Orange County Multifamily Market Report, CoStar data).

What it means for owners: demand is absorbing the new supply for now, but owners of homes and older units near Irvine Spectrum and the Irvine Business Complex may compete with lease-up specials over the next year.

Practical tip: before you price your next vacancy or renewal, check what nearby new buildings are offering (free weeks, waived fees), and finish turnover work early so the unit goes live ready to show.

Are new-building concessions affecting your leasing in OC?