IE Business Daily Business news for the Inland Empire.
Rents will continue to rise throughout Southern California during the next two years, as demand for space will outpace the construction of new units, according to a report released Thursday.
Apartment vacancies fell in all four Southern California markets during the one-year period that ended June 30, including a 30 percent drop – to 3.8 percent overall – in the Inland Empire, according to the 2014 USC Casden Multifamily Forecast.
San Diego had the lowest vacancy rate, 3.2 percent, while Orange County recorded a 3.6 percent vacancy rate and Los Angeles 3.3 percent.
The Inland Empire had the most affordable rents of any of the four regions – an average of $1,135 per month – during that one-year period, but it also experienced the highest increase during that time, 4.1 percent, the report found.
The average rent in all four regions is expected to increase during the next two years, according to the report.
