Inland Empire multifamily report show signs of strength
Southern California’s Inland Empire multifamily market is showing signs of strength, despite economic headwinds, reported Yardi Matrix.
Rent expansion remained positive through 2020 and surpassed the nation. Rates increased by 0.6 percent on a trailing three-month basis as of January, with Life-style figures outperforming the working-class Renter-by-Necessity segment. As more and more people are shifting inland from expensive coastal metros — a factor that is offsetting the area’s economic volatility — rent growth is expected to endure in 2021.
Transactions totaled $1 billion in 2020; despite being a 40 percent drop from the previous year, this did not equate to a cycle low. Meanwhile, per-unit prices improved considerably. Despite delays in most metros, the Inland Empire’s construction activity picked up last year, with 2,735 units under construction as of January. The economic situation did not slow activity: In the second half of 2020, projects totaling mo