Inland Empire Q4 Market Report: Investment Activity Surges to Close 2018
Highlights:
- The Inland Empire multifamily market strengthened a bit in the fourth quarter, with vacancy ticking lower, rents rising and investment activity recording a spike.
- Apartment vacancy fell 10 basis points during the fourth quarter, ending the year at 3.1 percent. Vacancy fell 20 basis points for the year. The long-term trend is for fl at vacancy, which has averaged approximately 3 percent since 2013.
- Local asking rents ended the fourth quarter at $1,365 per month, a 4.4 percent increase from the preceding year. A similar rise is forecast for 2019.
- Sales activity spiked late in the year as demand accelerated. The average cap rate was below 5 percent in 2018, and the median price topped $200,000 per unit.
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