IE Business Daily Business news for the Inland Empire.
The Inland Empire multifamily market had a 95.2 percent occupancy rate at the end of the third quarter, a slight increase – 0.5 percent – from the second quarter, according to CBRE.
One thousand one hundred and thirty-six multifamily units were absorbed in Riverside and San Bernardino counties during the quarter that ended Sept. 30, up from 667 units in the second quarter, CBRE reported.
“Positive net absorption underscored the demand in the market,” the report states.
Two hundred and eighty-one units went online in the third quarter, most of them in southwest Riverside County. During the second quarter, that number was 667 units.
Average monthly rent per unit at the end of the third quarter was $2,246, up slightly from the second quarter. Third quarter sales totals $187.7 million, down from $346.4 million in the second quarter, CBRE reported.
