Inland Empire Q4 Multifamily Market Insights: Rent Spike Fuels Accelerating Sales Velocity
Highlights:
- The Inland Empire multifamily market concluded a year of rapid improvement in 2021 with additional strengthening in the fourth quarter. Vacancy tightened and rents rose. The improving market fundamentals fueled accelerating investment activity and steep per-unit price appreciation.
- Vacancies tightened during the final quarter, dropping 10 basis points to 3.1 percent. For the full year, the rate declined 60 basis points.
- Asking rents reached record highs during the fourth quarter, ending the period at $1,729 per month. Average rents in the Inland Empire spiked 17.9 percent for the year.
- The investment market strengthened throughout 2021 with the greatest volume occurring in the fourth quarter. Cap rates compressed and prices rose, due to improving property fundamentals and intensifying investor demand.
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