Inland Empire Multifamily Report – December 2024
Limited supply and increasing employment rates are supporting occupancy.
The Inland Empire maintained steady performance across multifamily fundamentals heading into late 2024. Average advertised asking rents maintained some momentum, up 1.1 percent year-over-year through October, to $2,141. That was 20 basis points above the U.S. average. Meanwhile, limited supply supported occupancy, with the Inland Empire rate up 30 basis points year-over-year, to 95.3 percent.
Employment was up 1.6 percent in the Inland Empire as of August, 20 basis points ahead of the U.S. rate. The area gained 33,600 net jobs, led by education and health services (18,300) and government (11,700). However, four sectors lost a combined 4,900 positions, with the largest contraction recorded in the manufacturing sector (-2,500). Inland Empire unemployment stood at 5.5 percent as of October, well behind the nation’s 4.1 percent, but close to California’s 5.4 percent. Rancho Cucamonga’s Epicenter Master Plan got a major boost in 2024, with $2.5 billion in bonds secured for the $12 billion high-speed rail project dubbed Brightline West that will connect Las Vegas and Southern California.
Deliveries were limited, with 1,069 units added to the Inland Empire’s stock in 2024 through October, while another 10,349 apartments were underway. Investment activity picked up a bit from 2023, with the total at $622 million year-to-date through October. However, the per-unit price saw a 5 percent downtick.
