Inland Empire Q2 Market Report: Prices Push Higher as Transaction Activity Surges
Highlights:
- The Inland Empire apartment market posted steady performance in the second quarter. Construction was modest, vacancy was flat and rents rose. Looking ahead to the second half of the year, construction is forecast to pick up, which is expected to push the vacancy rate higher.
- Multifamily vacancy held steady at 3.3 percent during the second quarter. The rate is 10 basis points higher than one year ago.
- Rents continue to trend higher at a steady pace. Asking rents rose 4 percent year over year, ending the second quarter at $1,393 per month.
- Sales of multifamily properties gained momentum in the second quarter. The median price has risen to $228,900 per unit, and cap rates have compressed below 5 percent.
Related Articles
Insights
Research to help you make knowledgeable investment decisions