Inland Empire Multifamily Report – August 2025
Asking rents are feeling the pinch of a growing pipeline.
The Inland Empire maintained a steady performance during the first half of the year. Robust deliveries paused rent growth, with the average advertised asking rent unchanged on a trailing three-month basis at $2,159 in June, but the occupancy rate in stabilized properties remained healthy, at 95.1 percent in May, following a 10-basis-point year-over-year decline.
Employment growth moderated to a 0.5 percent increase year-over-year through April, the equivalent of 3,200 net jobs and trailing the 0.8 percent national rate. Growth occurred in three sectors—education and health services (16,800 jobs), government (8,800) and trade, transportation and utilities (1,300)—while the largest losses were registered in leisure and hospitality (-9,600 jobs) and mining, logging and construction (-6,100). The unemployment rate clocked in at 4.8 percent as of May, underperforming the U.S. (4.2 percent) and surpassing California (5.3 percent). Notable projects slated for delivery in 2025 include Kaiser Permanente’s Inland Valley Hospital Tower, which is scheduled to open in the fall.
Supply growth was on track to reach a new peak, with 2,864 units delivered during the first half of the year, while the pipeline remained robust with 9,549 units underway. Meanwhile, investors traded only $168 million in multifamily assets, all in the RBN segment, for a price per unit that increased by 19.7 percent compared to 2024.
