{"id":6410,"date":"2023-09-13T10:05:12","date_gmt":"2023-09-13T10:05:12","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6410"},"modified":"2024-03-12T16:08:22","modified_gmt":"2024-03-12T16:08:22","slug":"inland-empire-multifamily-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/","title":{"rendered":"Inland Empire Multifamily Market Report \u2013 August 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/inland-empire-multifamily-market-report\/\">Inland Empire Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Softening Across Fundamentals<\/h2>\n<p>The Inland Empire\u2019s fundamentals were soft but steady in mid2023. Rent growth was tepid but above negative territory, up 0.3% on a trailing three-month basis through June, to $2,131, still well above the $1,726 U.S. figure. The occupancy rate in stabilized properties <a href=\"https:\/\/www.yardimatrix.com\/blog\/august-2022-inland-empire-multifamily-market-report\/\"><strong>decreased by 130 basis points year-over-year<\/strong><\/a> through June but was still healthy, at 95.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-4X71o\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Inland Empire vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/4X71o\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The Inland Empire posted a 4.4% unemployment rate in May, trailing the 3.7% U.S. figure and leading California by only 10 basis points, according to preliminary data from the Bureau of Labor Statistics. The metro\u2019s labor market expanded 1.4%, or 12,100 jobs, in the 12 months ending in April, well behind the 2.9% national rate. Only four sectors sustained growth, led by education and health services (13,400 jobs) and government (7,700 jobs). Meanwhile, the metro\u2019s largest sector\u2014trade, transportation and utilities\u2014posted the biggest loss, down 8,000 positions, followed by manufacturing (-3,600). Still, the Purchasing Managers\u2019 Index, a key factor in the local economy, points to a positive future for the metro.<\/p>\n<p><iframe id=\"datawrapper-chart-hbzYX\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Inlad Empire Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/hbzYX\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Deliveries nearly came to a halt, with just 81 units coming online in 2023 through June. The pipeline had 5,739 units, just 306 of which broke ground in 2023. Similarly, investment activity dropped significantly, with just $273 million in assets changing hands, at a per-unit price that decreased 16.5% year-over-year, to $297,171.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4228-MatrixMultifamilyInlandEmpireReport-August2023\"><strong>Matrix Multifamily Inland Empire Report-August 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Softening Across Fundamentals The Inland Empire\u2019s fundamentals were soft but steady in mid2023. Rent growth was tepid but above negative territory, up 0.3% on a trailing three-month basis through June, to $2,131, still well above the $1,726 U.S. figure. The occupancy rate in stabilized properties decreased by 130 basis points year-over-year through June but was [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[111,475],"class_list":["post-6410","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-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inland Empire Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3% uptick on a T3 basis in June, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Empire Multifamily Market Report \u2013 August 2023\" \/>\n<meta property=\"og:description\" content=\"Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3% uptick on a T3 basis in June, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T10:05:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T16:08:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Inland Empire Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog","description":"Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3% uptick on a T3 basis in June, Yardi Matrix reports.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/","og_locale":"en_US","og_type":"article","og_title":"Inland Empire Multifamily Market Report \u2013 August 2023","og_description":"Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3% uptick on a T3 basis in June, Yardi Matrix reports.","og_url":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-09-13T10:05:12+00:00","article_modified_time":"2024-03-12T16:08:22+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Inland Empire Multifamily Market Report \u2013 August 2023","datePublished":"2023-09-13T10:05:12+00:00","dateModified":"2024-03-12T16:08:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/"},"wordCount":219,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","keywords":["Inland Empire","Multifamily Outlook 2023"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/","url":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/","name":"Inland Empire Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","datePublished":"2023-09-13T10:05:12+00:00","dateModified":"2024-03-12T16:08:22+00:00","description":"Many fundamentals softened in the Inland Empire, but rent growth remained steady with a 0.3% uptick on a T3 basis in June, Yardi Matrix reports.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","width":1200,"height":628,"caption":"Image by Trace Rouda\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/inland-empire-multifamily-market-report-august-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Inland Empire Multifamily Market Report \u2013 August 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Inland-Empire-iStock-925600244.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=6410"}],"version-history":[{"count":2,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6410\/revisions"}],"predecessor-version":[{"id":7131,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6410\/revisions\/7131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6411"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=6410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=6410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=6410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}