Southern California Multifamily: 2026 Outlook

Supply constraints, strong employment growth, and favorable demographics continue to support multifamily fundamentals across Southern California.

San Diego remains one of the most supply-constrained major metros in the country, with new deliveries well below historical averages. Demand from the region's tech, biotech, and defense sectors supports continued stability for well-positioned communities.

In Orange County and the San Gabriel Valley, central locations, diverse employment bases, and affordability relative to coastal markets continue to drive renter demand. We remain confident in the long-term fundamentals across all of our markets.