The Inland Empire Expands
Multifamily rent growth in San Bernardino and Riverside counties continued its extremely fast pace over the past year, supported by a healthy job market and moderate inventory expansion, Yardi Matrix data shows.
May 9, 2017 | by Alex Girda | Commercial Property Executive
Rent growth in San Bernardino and Riverside counties continued its extremely fast pace over the past year, supported by a healthy job market and moderate inventory expansion. The metro boasts high occupancy rates—96.1 percent for stabilized properties as of the first quarter—and a pipeline brimming with new supply, though most deliveries are still a year or two away.
Although employment growth has tempered, the Inland Empire managed to outperform the national average, due to solid gains in trade, transportation and utilities; education; and health care. Rising global trade and the growth of e-commerce have increased demand for industrial and warehouse properties. California’s Road Repair and Accountability Act will bring projects worth an estimated $427 million to Riverside alone, further stimulating transportation and construction.
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