IE Business Daily Business news for the Inland Empire.
The Inland Empire’s multifamily market ended the first quarter of 2025 with an occupancy rate of 95.7 percent, according to a recent report.
That was an increase of 20 basis points compared with the fourth quarter of 2024, and the fourth consecutive quarter that number grew, CBRE reported.
That modest increase is being attributed to population growth in Riverside and San Bernardino counties, and lower rents than those in neighboring counties.
Net absorption remained positive for the sixth consecutive quarter as 1,911 units were positively absorbed in the first three months of 2025. Net absorption was strongest in the interior submarkets, including the Coachella Valley, Moreno Valley, and Temecula/Murrieta.
Average rent was $2,264 per unit, up slightly from the previous quarter, and 1,512 multifamily units were completed, well above 2024’s fourth quarter, according to the report.
Rent from $1,512. To $2, 264. Is not just “Up slightly”! The rate it was at in the previous quarter is outrageous enough for cramped apartments with no yard or garage, in these very ghetto areas!