Inland Empire Q2 Multifamily Market Report: Additional Vacancy Tightening Likely Due to Modest Supply Growth
Highlights:
- Tight vacancies and rising rents highlighted operating conditions in the Inland Empire multifamily market during the second quarter. While renter demand for units is gaining momentum, inventory growth from new construction is minimal, which will support a tightening vacancy rate in the second half.
- Vacancy in the Inland Empire remained unchanged from the first quarter to the second quarter, holding steady at 3.4 percent. Year over year, the rate has declined 40 basis points.
- The pace of rent growth accelerated during the second quarter. Asking rents rose more than 4 percent in the period, reaching $1,548 per month. Year over year, rents are up 6.5 percent.
- Prices rose in the second quarter. The median price year to date is nearly $242,700 per unit, but the median price in sales during the second quarter approached $320,000 per unit. A few transactions closed around $400,000 per unit.
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