IE Business Daily Business news for the Inland Empire.
The Inland Empire multifamily market ended 2024 with an occupancy rate of 94.5 percent, a slight increase from the third quarter, according to a report.
One thousand one hundred and ninety-five multifamily units were absorbed in Riverside and San Bernardino counties during the last three months of 2024, up from 1,125 units during the third quarter, CBRE reported.
That was fifth consecutive month of positive net absorption for the Inland region’s multifamily market.
One thousand five hundred and fifty-eight units went online during the fourth quarter, compared with 281 in the third quarter.
“Robust multifamily construction is set to continue as cost-conscious families migrate further from the coastal areas towards more affordable housing inland,” the report states.
Average rent per unit at the end of 2024 was $2,228 per month, essentially unchanged from the third quarter, the report states.
