California + Inland Empire + Apartments | March 24, 2023

Report: Inland Empire Multifamily Market Poised for Solid 2023

Despite a slight rise in the vacancy rate and a modest drop in asking rents in the fourth quarter of 2022, the Inland Empire’s strong local economy and consistent population growth has the region set for healthy multifamily performance in 2023. A new report from Northmarq indicates the IE’s vacancy rate ticked 10 basis points higher in Q4 to 3.0% while asking rents dipped 2% to $1,818 per month.

The 2022 annual trends paint a different picture, however, with the vacancy rate down 10 basis points and asking rents up 5.1% year-over-year. In addition, the median sales price for 2022 was $334,500 per unit, a 26% annual increase despite a significant drop in sales volume compared to 2021.

Developers remain active in the region, completing more than 1,000 units during the fourth quarter and are projected to deliver 3,000 units in 2023. Northmarq forecasts that healthy fundamentals will keep developers extremely busy throughout the year.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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