O.C. Residential Development Takes Off

The building of single-family homes and multi-housing development in Orange County is at a 15-year high, and there is still a demand for new residential occupancy, said the Building Industry Association-Orange County.

The majority of the O.C. residential development taking place is apartment dwellings. Two thirds of the multifamily buildings under construction are apartments, which equates to 7,000 apartments currently under construction in the region.

Meanwhile, the county’s home-ownership rate hit a 10-year low and has added 70,000 households to its rental demand.