Inland Empire Q3 Multifamily Market Insights: New development activity unable to keep pace with demand growth

Highlights:

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• Property performance metrics in the Inland Empire remained strong during the third quarter, although the pace of rent growth cooled.
• The vacancy rate ticked lower during the third quarter, dipping 10 basis points to 2.9 percent. Year over year, vacancy has improved by 30 basis points.
• Asking rents inched higher in the third quarter, reaching $1,854 per month. Despite a minimal increase in the last three months, current rents are up 8.1 percent from one year ago.
• The local investment market strengthened during the third quarter as the pace of deals accelerated, and per-unit pricing remains well above last year’s figure. The median sales price to this point in the year is $335,500 per unit, up more than 25 percent from the median price in 2021.

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