Riverside-San Bernardino
Multifamily Market Report

Living costs and focused deliveries aid select submarkets. Entering 2025, the average effective rent in the Inland Empire accounted for less than one-third of the region’s monthly median household income, directing demand for local apartments. This dynamic is evident with low vacancy across many submarkets, including Corona and Riverside proper, which rank as two of the least vacant areas in the metro. A historically scant pipeline, in particular, supports Corona’s Class A outlook. In contrast, Riverside may record some upward vacancy pressure in its luxury sector, as local delivery volume is slated to lift year over year. Similar to Riverside, the Temecula-Murrieta and Hemet-Perris-Lake Elsinore submarkets are bracing for a rise in completions, with as many as 2,850 units added across the two areas during 2025. This shift may translate into a near-term rise in both submarkets’ vacancy rates despite expectations for strong net in-migration. The Ontario-Chino area, which faced a similar dynamic last year, is poised to see further vacancy compression under a notable downshift in 2025 deliveries.