According to a variety of sources, both public and private, apartment vacancy rates in Orange County are 4%-5%. According to the U.S. Census, the vacancy rate for Laguna Hills in 2017 was 7.7 percent. The City has 1,685 apartment units (excluding group quarters such as assisted living facilities – 396 units) which is 15 percent of the City’s housing stock (11,197 units). As a means of comparison, the vacancy factor for owner occupied units is estimated to be less than one percent. Owner occupied units include 3,200 condominiums and 6,312 single-family homes (9,512 units total), not including accessory dwelling units located on single-family properties. It should be noted that U.S. Census information may show different housing unit totals since it likely excludes the 289 units at Oakbrook Village built after the 2010 Census. In addition, Census “districts” that apply to the City do not follow City boundaries.
City of Laguna Hills Geographic Information System
2013-2021 City of Laguna Hills Housing Element: https://www.lagunahillsca/ DocumentCenter/View/131/Housing-Element
U.S. Census Bureau. “Laguna Hills” https://factfinder.census.gov. Accessed 24 October 2019.
O.C. Register: https://www.ocregister.com/2019/04/15/feel-bad-for-southern- californias-renters-as-vacancy-tightens-and-rates-climb/
March 2021 Update: The information above was written prior to the COVID-19 pandemic. During the pandemic City staff continued to monitor multi-family trends in Orange County. Multiple real estate trade publications identified the Orange County multi-family housing market stayed strong through the pandemic. The February 2021 edition of Western Real Estate Business cited an occupancy rate of over 96 percent for multi-family housing units in Orange County. Marcus & Millichap, a leading real estate services company, recently issued its Orange County Multifamily Market Report for Q1 2021 describing strong demand for rental housing. The report can be accessed at: https://www.marcusmillichap.com/research/market-report/orange-county/orange-county-multifamily-market-report.