Inland Empire multifamily is in the middle of a heavy development pipeline after delivering only 223 units to the market in the second quarter. It is expected that nearly 1,500 units will be delivered to market by year-end.
Multifamily inventory totaled 172,045 units to end the 3rd quarter, accounting for 1,104 buildings. Inventory continues to grow in the Inland Empire, as multifamily development activity has surged during the last several years following the pandemic.
The total vacancy rate for Inland Empire multifamily increased 50 basis points from 5.1% in Q1 to 5.6% at the end of the 3rd quarter. This marks the 8th consecutive quarter of increases to vacancies. The Inland Empire is considered an affordable alternative for residents residing in neighboring Los Angeles and Orange County markets which command higher rental rates. But for the last several years, the Inland Empire has experienced a surge in pricing which has softened overall demand.
Sales volume (by $) in the third quarter slowed down with $121m in transaction volume, about half the volume that was reported the prior quarter.
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