Santa Ana is OC's most renter-heavy city (60%) and the county seat. Rent growth has been the lowest in OC for 5+ years, largely because of the Santa Ana Rent Stabilization Ordinance (3% annual cap on pre-1995 multifamily) and a predominantly Class B/C housing stock. Investor cap rates are widest in OC here.
| Metric | Santa Ana | OC Average |
|---|---|---|
| Avg 1-BR rent | $1,980 | $2,847 |
| Avg 2-BR rent | $2,520 | $3,591 |
| Avg 3-BR rent | $3,180 | $4,510 |
| Vacancy rate | 5.5% | 4.1% |
| Days to lease | 24 days | 18 days |
| YoY rent change | -0.3% | +2.8% |
| Renter household share | 60% | 41% |
Cap rates in Santa Ana currently range from 5% (Class A) to 5.5% (Class C / value-add) per NGC observations of recent transactions. The renter base skews toward working families, government workforce, manufacturing, service economy.
Use Santa Ana's rent and vacancy as a reference point against the rest of Orange County. Santa Ana sits in the County seat submarket and competes for tenants with adjacent cities. Tenants priced out of Santa Ana typically look one tier inland (or, conversely, save up to move closer to the coast).
For deeper comparison, see our complete OC city profile comparison, the OC Rental Investor Guide for cap rate analysis, or our renter demographics breakdown to understand who actually rents in OC.
As of April 2026, average rent in Santa Ana is $1,980/mo for a 1-bedroom, $2,520/mo for a 2-bedroom, and $3,180/mo for a 3-bedroom. Year-over-year rent change is -0.3%.
The average rental property in Santa Ana leases in 24 days. Vacancy rate is 5.5%, softer than the OC county average of 4.1%.
Cap rates in Santa Ana currently range from 5% to 5.5% depending on property class. Coastal Class A is at the low end; older value-add multifamily trades at the high end.
Approximately 60% of Santa Ana households are renters per US Census ACS 2019-2023 5-year estimates. This is a renter-majority city.
For investors, Santa Ana offers county seat exposure with cap rates in the 5–5.5% range. Rent growth has been negative, so investors should focus on value-add or income strategies rather than rent appreciation. See our OC Investor Guide for full underwriting framework.
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