Riverside-San Bernardino Multifamily Market Report
Lowest Vacancy Rate in the Nation Supports Double-Digit Rent Growth and Investor Competition
Rush to affordability constricts vacant stock. The Riverside-San Bernardino apartment sector has outperformed nearly every major rental market during the health crisis. From July 2020 to June 2021, vacancy compressed 200 basis points to below 2 percent and the metro recorded the second fastest rent gain nationally. The formation of 26,300 households propelled this strong performance, as more people sought lower housing costs in the region during the pandemic. Additionally, the barrier to homeownership is climbing, as the median home price surged 32 percent in the past year. While the Inland Empire is unlikely to sustain the downward vacancy trajectory from the past year, the limited number of available rentals will position the metro to end this year as the nation’s tightest apartment market.