Inland Empire Q2 Market Report: Activity Forecast to Gain Momentum in the Second Half
Highlights:
- The Inland Empire multifamily market posted healthy levels of absorption and rent growth in the first half of 2020, although an active period of deliveries drove the local vacancy rate higher.
- Multifamily vacancy rose 20 basis points in the second quarter, reaching 3.8 percent. Year over year, the rate is up 50 basis points.
- While vacancy has crept higher, the Inland Empire has still recorded some of the healthiest rent growth in the country. Asking rents ended the second quarter at $1,454 per month, 4.4 percent higher than one year earlier.
- The investment market cooled in the first half, repeating a trend that has occurred in recent years. The median price is up 5 percent from the 2019 figure, reaching approximately $230,200 per unit.
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