{"id":1655,"date":"2021-09-06T08:00:46","date_gmt":"2021-09-06T08:00:46","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1655"},"modified":"2024-02-06T11:11:24","modified_gmt":"2024-02-06T11:11:24","slug":"inland-empire-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-summer-2021\/","title":{"rendered":"Inland Empire Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n

Demand Outpaces Supply, Boosts Rents<\/strong><\/h4>\n\n\n\n

The Inland Empire\u2019s rental market posted its best performance yet in 2021. Rents rose 15.1% year-over-year through June to $1,843, second among major metros in rent growth, while on a trailing three-month basis, the average rent improved by 1.7%, 30 basis points above the U.S. rate. The occupancy rate in stabilized properties signaled one of the tightest markets in the country, rising 180 basis points in the 12 months ending in May to 98.0%.<\/p>\n\n\n\n

The unemployment rate improved to 7.2% in May, according to preliminary data from the BLS, trailing the 5.8% U.S. rate. Yet, the employment market posted a 0.8% contraction in the 12 months ending in May, well above the -1.9% U.S. average. The reopening of the economy helped the leisure and hospitality sector expand by 27.7%, gaining 30,900 jobs. Most positions were added in the trade, transportation and utilities sector\u2014the market\u2019s main economic driver\u2014which gained 56,400 jobs. Riding the wave of ecommerce expansion, Black Creek Group announced plans to develop two new industrial centers, totaling 1.7 million square feet.<\/p>\n\n\n\n

Transaction activity through the year\u2019s first half reached $380 million, while average per-unit prices soared. With demand and rent growth in the Inland Empire at historic levels, buyers and sellers alike are looking to capitalize on the area\u2019s growth potential.<\/p>\n\n\n\n

Read the full Matrix Multifamily Inland Empire Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Demand Outpaces Supply, Boosts Rents The Inland Empire\u2019s rental market posted its best performance yet in 2021. Rents rose 15.1% year-over-year through June to $1,843, second among major metros in rent growth, while on a trailing three-month basis, the average rent improved by 1.7%, 30 basis points above the U.S. rate. The occupancy rate in […]<\/p>\n","protected":false},"author":650,"featured_media":1656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[111,221],"class_list":["post-1655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-inland-empire","tag-multifamily-outlook-2021"],"yoast_head":"\nInland Empire Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth in the Inland Empire remained among the highest in the nation, up 1.7% on a T3 basis through June to $1,843.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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