Orange County apartment vacancy reached 4.3% in Q2 2026, up from 3.8% a year earlier, while average asking rent rose only 1.8% to $2,727 a month (source: Kidder Mathews, Q2 2026 Orange County Multifamily Market Report, CoStar data).

What it means for owners: OC is still one of the tightest markets in California, but renters have a few more choices than last year and rent growth has slowed. A 1.8% increase on a $2,727 unit is about $49 a month, or roughly $590 a year. One empty week costs about $630 in lost rent, so a single slow turnover can erase a full year of increases.

Practical tip: before setting renewal increases this fall, put the raise next to the real cost of turnover (vacant days, paint, cleaning, leasing). For tenants who pay on time and take care of the place, a modest increase often nets more than pushing to the top of the market.

What are you seeing on renewals across your OC doors?