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Inland Empire tough market for renters

The Inland Empire is among the least affordable markets in the United States for single-family rentals, according to data released this week.

The median monthly rent in the Riverside-San Bernardino-Ontario market was $3,250, the sixth-most expensive market in the country, Irvine-based CoreLogic reported.

California markets made up the top five: Los Angeles-Long Beach ($4,750), San Diego-Chula Vista-Carlsbad ($4,500), San Jose-Sunnyvale-Santa Clara ($4.300), San Francisco-Oakland-Berkeley ($4,200) and Oxnard-Thousand Oaks-Ventura ($3,925).

The median rent-to-income ratio in the Riverside-San Bernardino-Ontario market last year was 44.9 percent.

“Rent continues to rise at a moderate pace, while inflation and escalating home prices continue to diminish purchasing power for many Americans,” said Yanling Mayer, principal economist with CoreLogic, in a statement. “In high-rent-burdened markets such as Los Angeles, a meaningful improvement in affordability will require either rent to fall or household incomes to rise faster than the pace of rents, or both”

 

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