Anaheim is Orange County's largest renter-majority city — 55% of households rent here, per the Census Bureau's ACS 2019-2023 estimate. The intuition says hospitality demand should be pushing rents. It isn't. Anaheim rents grew 1.1% over the last year against an OC-wide average of 2.8%, and the gap traces almost entirely back to what landed in the Platinum Triangle in 2025.
| Metric | Anaheim | OC city average |
|---|---|---|
| ZORI rent index | $2,728 | $3,184 |
| Typical 2-BR rent | $2,859 | $3,492 |
| Vacancy rate | 3.9% | 3.8% |
| YoY rent change | +2.0% | +2.5% |
| Cap rate (overall) | 5.3% | 4.4% |
| $/unit (MFR) | $223,000 | $306,444 |
| Renter household share | 53.8% | 43.6% |
Source: NGP-Rental-Data warehouse — Zillow ZORI (rent index), NGC managed-portfolio ticker (cap rate, $/unit, typical-bedroom rent, monthly vacancy), Census ACS5 2019-2024 (renter share, demographics). Bedroom-specific 1-BR and 3-BR rent + days-to-lease pending HUD FMR integration (see /methodology/). Updated March 2026.
Monthly Zillow ZORI rent index. Data updates monthly. Source: methodology.
22 days to lease, vacancy at 4.8% — both running softer than the county. Days-to-lease is a leading indicator for rent and Anaheim's number has drifted up about a week since 2023. The 1-BR through 3-BR ladder lands roughly 20% under the OC averages, which is consistent with Anaheim being the cheaper anchor of Central OC, not a sign of distress.
More than 1,100 luxury units delivered in the Platinum Triangle in 2025. That doesn't sink Class C rents directly. What it does is pull would-be Class B renters one tier up when the new buildings start running concessions — and the concessions started running. Cap rates tell the same story from the other side: Class A is trading around 4.6%, Class C around 5.4%. The spread is wider than it was 18 months ago, which is exactly what you'd expect when new supply is competing for the top of the market.
The shorthand says Anaheim is a Disney town. Disney is the biggest single employer — about 30,000 at the resort — and the Convention Center, L3 Technologies, and St. Joseph Hospital fill out the rest of the top tier. But a meaningful share of that hospitality workforce commutes in from cheaper inland counties; it isn't sitting in Anaheim apartments paying $2,870 for a 2-BR. The renters who actually live here lean toward service-economy households who can't afford the commute out, families anchored to specific school assignments, and the workforce around the hospital and convention center.
Geographically, that traffic concentrates in Anaheim Hills (the premium pocket), West Anaheim and Downtown Anaheim (the bulk of the mid-tier inventory), The Colony (historic, sought-after, tight supply), and the Platinum Triangle — which is changing the mix in real time.
For owners: if you're underwriting to rent growth, stop. 1.1% YoY isn't the start of an upswing — it's the floor of a flat market. Underwrite to the cap rate. If you're considering raising rent on a sitting tenant, AB 1482 still caps you at 5% plus CPI, and CPI is the part that moves. Check the current Anaheim-Long Beach-Costa Mesa CPI-U before issuing notice — the operative rules are at calandlordlaws.com/rent-control.
For tenants: this is the friendliest patch of the OC rental market in three years, particularly within five miles of the Platinum Triangle. New construction is offering one to two months free in some buildings. Class B owners are mostly holding line rates and quietly negotiating on renewal terms — which means it's worth asking.
April 2026: $2,260 for a 1-bedroom, $2,870 for a 2-bedroom, $3,590 for a 3-bedroom. These are city-wide averages — Anaheim Hills runs above, parts of West Anaheim below. Year-over-year change is +1.1%.
Soft by Orange County standards. The county average is 18 days. The extra four days are concentrated at the top end — newer luxury inventory in the Platinum Triangle takes about three weeks to fill even with concessions. Mid-tier units in the $2,500 to $3,200 band still move in two weeks.
Recent transactions have traded between 4.6% on tight Class A and 5.4% on older value-add. Most of what gets brokered in the next 12 months will land in the 4.9 to 5.2% middle. These are directional estimates from NGC portfolio observations plus CBRE and Cushman & Wakefield OC reports — a specific deal will move with condition, rent roll, and timing.
About 55%, per the Census Bureau ACS 2019-2023 five-year estimate. That puts Anaheim well above the OC-wide 41%. It has been a renter-majority city since the late 1990s — not a new pattern.
Depends on what you're trying to do. If you want appreciation through rent growth, Anaheim isn't your market this cycle — pick a coastal submarket. If you want yield with a stable, deep renter base, the 4.9 to 5.2% cap range is competitive and the 55% renter share is the reason. The Investor Guide walks through the underwriting we actually use.
We pull comps from the portfolio we already manage plus current listings — not a generic algorithm trained on Zillow. No obligation, no upsell. Usually a one-day turnaround.
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