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LOS ANGELES-As rental costs shoot up in LA’s tight multifamily market, the Inland Empire’s apartment market is starting to follow suit. It is now one of the top 10 tightest multifamily markets in the nation, with higher-end units demanding between $1.10 per sf and $1.40 per sf.

In 2000, 1,112 apartment units were completed in Riverside County and San Bernandino County, with average monthly rents ranging from $0.75 per sf to just under $0.90 per sf. Meanwhile, demand in the area exceeded 2,500 units.

Population and job growth are two of the principal factors driving the Inland Empire’s housing demand. Riverside County is the third fastest growing county in the state, with a population increase of 32% from 1990 to 2000.

San Bernardino’s population has increased by 20.5% from 1990 to 2000, making it California’s fifth most rapidly growing county. Meanwhile, the Inland Empire beat out every other regions in Southern California in civilian employment and overall job growth from April 2000 to April 2001. The area experienced a growth rate of 3.8% over the course of the year.

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