Skip to main content

Scroll Down

Market Report

Riverside-San Bernardino
Multifamily Market Report

2Q 2022

Home Price Appreciation and Industrial
Growth Spur Demand Across Rental Tiers

Widening affordability gap a boon for luxury apartments. Unyielding demand for regionally lower-cost rentals has supported sub-2 percent vacancy and statewide-leading rent growth in Riverside-San Bernardino. Despite the 18 percent rent gain recorded last year, the metro's affordability gap, the difference between an average rental rate and a mortgage payment on a median priced home, has expanded to $650 — a figure well above the national average. Consequently, upper-tier units are an attractive alternative for households considering homeownership, with vacancy in the Class A sector at a record-low rate entering this year. Sparse luxury availability has prompted a rise in multifamily development. Still, only the neighboring cities of Ontario and Rancho Cucamonga have active pipelines larger than 500 units, suggesting upcoming supply additions will be well received.

Related Research

Back to top