Skip to main content

Scroll Down

Market Report

Riverside-San Bernardino
Multifamily Market Report

2024 Investment Forecast

Regional Affordability Expands Renter Pool;
Investors Broaden Their Boundaries

Most cities lack additions, despite metro’s elevated delivery slate. A favorable income-to-rent ratio means the Inland Empire is the only Southern California market where a household contributes less than one-third of its annual earnings toward rent. Attracted to this regionally lower cost-of-living, a number of households and individuals relocated to the metro over the past two years, with just six other major U.S. markets adding more residents during the 24-month span. Population growth continues this year, a boon for a metro with 5-plus percent vacancy across property tiers and a historically large group of near-term completions. Specifically, deliveries reach a 17-year high in 2024 as the number of units added to stock exceeds San Diego’s total and nearly matches that of Orange County. Fortunately, this situation is not the result of widespread development. Instead, completions are centered in Temecula-Murrieta, the southernmost submarket, and to a lesser extent the cities of Fontana and Moreno Valley. This dynamic, coupled with resident expansion, should improve demand for existing units in other areas of the expansive two-county metro, supporting positive net absorption in 2024.

Related Research

Back to top