The Inland Empire multifamily market was dynamic for both development and demand in Q1 2018, with tight vacancy and strong rent growth.
The vacancy rate of 4.0% inched up 40 basis points (bps) from a year ago.
New deliveries moderated to 344 units completed for the year ending in Q1 2018, while net absorption totaled 452 units.
Rents reached $1,454 in Q1, up by 4.3% year over year.
Q1 2018 multifamily asset acquisitions totaled $240.5 million, reflecting a moderate year-over-year decline. Cap rates remained at 5.3% for the second quarter in a row, just 10 bps above the record low.