Inland Empire 2Q23 Multifamily Market Insights Report: Consistently tight vacancies supporting new development
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Highlights:
- The Inland Empire multifamily market posted strong performance during the second quarter with asking rents on the rise and vacancy holding steady.
- Vacancy conditions were stable during the second quarter, finishing the period at 3.1%. Year over year, the local vacancy rate dipped by 10 basis points.
- Asking rents pushed higher during the second quarter, rising 1.1% to $1,830 per month. Rents should trend higher in the second half.
- Multifamily sales velocity in the Inland Empire remains limited, although more properties sold in the second quarter than during the first three months of the year. Cap rates averaged 4.5% during the second quarter.
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