Riverside-San Bernardino Multifamily Market Report

Standout new demand exceeds supply wave. Net absorption in the Inland Empire outpaced record levels of deliveries in each of the past four consecutive quarters, pushing the local vacancy rate down to 4.3 percent in March — its lowest level since 2022. This was in part driven by the metro’s population growing at the ninth-fastest rate among major markets. Heightened in-migration to the area is being fueled by demand for regionally lower-cost apartments. While the metro experienced steep declines in its traditionally office-using job count compared with the broader U.S. in the past year, its employment base still grew by 0.5 percent, supported by job creation in sectors whose workers make up much of the renter pool.