Inland Empire Multifamily Report – Fall 2021
The Inland Empire multi-family market is booming. Rents averaged $ 1,993 in October, an increase of 1.9% over the past three months (Q3). The year-over-year metro rent gains of 18.5% were well above the national figure of 13.7% for the same period and, given the lower market costs compared to the nearby Los metro station. Angeles, this strong expansion is expected to continue. Working-class lifestyle and necessity renters figures rose on a Q3 basis 1.9% and 1.8%, respectively, to $ 2,350 and $ 1,727, alongside solid rate hikes of occupation.
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The metro created 65,700 jobs in the 12 months ending in August, a 4.5 percent year-over-year increase. Although the unemployment rate fell to 6.6 percent in September, it remained well above the national figure of 4.8 percent. The Inland Empire’s trade, transportation and utilities sector, the largest in the metro, experienced the strongest growth, creating 25,400 jobs alongside sustained and increased e-commerce and distribution activity.
More than 2,700 units were under construction at the end of October, but deliveries are expected to slightly exceed 1,900 units by the end of the year, a drop of more than 40% from 2020. While development was slowing, investment activity grew rapidly: Transactions totaled $ 1.9 billion from the start of the year through October, putting the market on track to reach or exceed the top of the cycle 2016 by $ 2.2 billion.
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