Inland Empire multifamily market reports
Q1 2024
Inland Empire multifamily is in the middle of a heavy development pipeline as a total of 4,112 units have been delivered since Q1 2023.
Inventory
Multifamily inventory totaled 174,768 units to end the 1st quarter, accounting for 1,117 buildings. Inventory continues to grow in the Inland Empire, as multifamily development activity has surged during the last several years following the pandemic.
Vacancy rate
The total vacancy rate for Inland Empire multifamily increased 110 basis points from 5.4% in Q1 2023 to 6.5% at the end of Q1 2024.
Sales volume
Sales volume (by $) in the first quarter slowed down with $16.6m in transaction volume, about 1/2 the volume that was reported the prior quarter. The decrease in volume in the first quarter of 2024 has a large impact to the sale of many larger assets in Q2 2023, where as a result we see a slowdown of sales volume in Q4 2023 and Q1 2024.
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