Research 5/ 24/ 2021

Inland Empire Q1 Multifamily Market Report: Vacancy Tightens, Rents Continue to Climb as Deliveries Slow

Highlights:

Inland Empire Multifamily market report snapshot for Q1 2021
  • Operating conditions in the Inland Empire strengthened during the opening period of 2021. A break in multifamily deliveries allowed vacancy to compress, while rental rates climbed higher.
  • The local vacancy rate improved to start 2021, retreating 30 basis points during the first quarter. Year over year, vacancy has tightened 20 basis points.
  • Rents rose throughout 2020 and got off to a solid start to this year. Asking rents rose 1.4 percent during the first quarter, reaching $1,487 per month.
  • While multifamily property fundamentals performed quite well during the first quarter, there were only a handful of significant sales transactions. In the deals that did close, the median price reached approximately $237,000 per unit, while cap rates averaged 4.5 percent.

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