Inland Empire apartment rents have hit a record high. According to a new report from NAI Capital, multifamily rents in the Inland Empire are up 4.7% over last year and 1.7% over last quarter. Rents have reached a record at an average of $1,440 per unit.
In addition to the rising rents, the vacancy rate has also remained low, even with new product coming to the market. The vacancy rate has remained nearly flat at 4.3% and 160 new units came to the market this quarter. In 2018, 1,778 units came to the market, and there are 4,972 units currently under construction.
Rising multifamily prices in primary markets and the high cost of single-family housing has helped fuel demand in the Inland Empire.
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