$3,150. The average 2-BR in Orange in April 2026, against an OC county number of $3,591. Rent grew 1.8% over the trailing year. Vacancy sits at 4.6%. Below: the rest of it, with no fluff.
| Metric | Orange | OC city average |
|---|---|---|
| ZORI rent index | $3,194 | $3,184 |
| Typical 2-BR rent | $3,009 | $3,492 |
| Vacancy rate | 3.2% | 3.8% |
| YoY rent change | +2.4% | +2.5% |
| Cap rate (overall) | 5.4% | 4.4% |
| $/unit (MFR) | $199,000 | $306,444 |
| Renter household share | 43.3% | 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.
Rents run roughly 12% under the OC averages across all three unit sizes. That's the closest gap of any city in this cluster — Orange is the priciest of the central inland cities, and it gets there on the back of Chapman.
Three demand pillars carry the renter base: Chapman University students and staff, the St. Joseph Hospital / CHOC Children's Hospital workforce, and central-OC commuters who want to be 15 minutes from Disneyland, the courthouse, and the 5 / 22 / 57 interchange without paying coastal money. The Census Bureau puts the renter share at 46% — five points above the county and consistent with a town that has a university and a hospital cluster pulling in renter households the homeownership market can't.
Old Towne sets the premium — historic, tight, walkable to the Plaza. Santiago Hills sits at the top of the family-rental ladder. Olive and East Orange carry the bulk of the mid-tier inventory.
Class A around 4.4%. Older value-add around 5.1%. The middle of the trading range — where most deals actually close — sits between 4.6% and 4.9%. This is a Central OC submarket, so spreads are tighter than what you see in the inland-northern cities and wider than the coastal ones.
1.8% YoY is positive, but it's still well under the OC-wide 2.8%. Orange is growing — just slowly. For owners that means the underwriting math runs off the in-place rent roll, not a rent-growth assumption. For tenants it means concessions are uncommon in Class A and rare in Class B; the market isn't soft enough to push.
AB 1482 still applies. The legal ceiling is 5% plus the regional CPI. Check the current Anaheim-Long Beach-Costa Mesa CPI-U before issuing a rent-increase notice — the operative figure changes through the year. Reference: calandlordlaws.com/rent-control.
1-BR: $2,480. 2-BR: $3,150. 3-BR: $3,980. YoY change +1.8%, against an OC-wide 2.8%.
20 days on average, two days slower than the 18-day OC pace. Vacancy is 4.6% versus 4.1% county-wide.
4.4% to 5.1%, with Class A at the low end and older value-add at the high end. Directional from NGC portfolio observations plus CBRE and Cushman & Wakefield OC market reports.
46%, per Census Bureau ACS 2019-2023. Five points above the OC-wide 41%.
For a yield buyer underwriting to a 4.6–4.9% in-place cap with a stable rent roll, yes. For an appreciation buyer banking on rent growth, no — at 1.8% YoY it's not the cycle for that. The Investor Guide has the full underwriting.
We pull comps from the portfolio we manage in Central OC plus active listings. Free, no obligation, usually back within a day.
Request a rental analysis →