IE Business Daily Business news for the Inland Empire.
Apartment rental rates nationwide rose in March, the first increase since last summer, according to data released Tuesday.
The average rent last month was $1,371, a $4 increase from February, Santa Barbara-based Yardi Matrix reported in it monthly analysis of the U.S. multifamily market.
Year-over-year, rents grew 2.5 percent but dropped 10 basis points, a small decline, from February. Apartment rates have been declining since they hit a 5.4 percent year-over-year increase during the first quarter of 2016.
The Inland Empire recorded a 7.7 percent rent increase in March, behind Orlando at seven percent and Las Vegas at 5.2 percent. Phoenix, with a 4.3 percent increase, was virtually tied with the Inland region.
Submarket rental rates were not available.
