{"id":7246,"date":"2024-01-18T10:56:00","date_gmt":"2024-01-18T10:56:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7246"},"modified":"2024-04-08T11:11:30","modified_gmt":"2024-04-08T11:11:30","slug":"december-2023-inland-empire-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/december-2023-inland-empire-multifamily-market-report\/","title":{"rendered":"Inland Empire Multifamily Market Report \u2013 December 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>Volatility, Slowdown Press Fundamentals<\/h2>\n<p>The Inland Empire\u2019s multifamily market entered the fourth quarter of 2023 during a challenging period, with rent movement turning negative, employment growth softening considerably and investment and supply still down. Yet rates decreased just 0.2% on a trailing three-month basis, to $2,113, while <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>the U.S. figure slid 0.1%<\/strong><\/a>, to $1,718 through October. The metro\u2019s occupancy fell 110 basis points in the 12 months ending in September, to 95.3%.<\/p>\n<p><iframe id=\"datawrapper-chart-Wzc0k\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Inland Empire vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Wzc0k\/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>Inland Empire unemployment stood at 4.9% in September, according to data from the Bureau of Labor Statistics. The rate was 50 basis points higher than the January figure, trailing the U.S. (3.8%) and right behind California (4.7%). Meanwhile, in the 12 months ending in August, the area added 24,400 positions for a 0.8% expansion, heavily lagging the 2.5% national average. Additionally, four sectors lost 8,500 jobs combined, with trade, transportation and utilities, a local staple, accounting for roughly two-thirds of that. Job growth was primarily sustained by the education and health services (12,800 jobs) and government (7,500 jobs) sectors.<\/p>\n<p><iframe id=\"datawrapper-chart-LkUez\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Inland Empire Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/LkUez\/1\/\" height=\"423\" 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>Development softened, with 571 units delivered in 2023 through October and an additional 6,963 units under construction. The volume of new projects decreased by 7.1% year-over-year but remained steady. Investment activity amounted to just $414 million during the year\u2019s first 10 months, for a price per unit that declined 14.5% year-to-date, to $260,953 as of October.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4919-MatrixMultifamilyInlandEmpireReport-December2023\" rel=\"\"><strong>Matrix Multifamily Inland Empire Report-December 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Volatility, Slowdown Press Fundamentals The Inland Empire\u2019s multifamily market entered the fourth quarter of 2023 during a challenging period, with rent movement turning negative, employment growth softening considerably and investment and supply still down. Yet rates decreased just 0.2% on a trailing three-month basis, to $2,113, while the U.S. figure slid 0.1%, to $1,718 through [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6730,"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-7246","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 December 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Fundamentals softened in the Inland Empire, with rent 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