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Market Report

Riverside-San Bernardino
Multifamily Market Report

2Q 2024

Shift in Net Absorption Precedes Influx of New Apartments,
Providing Some Relative Stability

Recent demand improvement brightens outlook. More than 1,500 units were absorbed on net across the Inland Empire over the October 2023-March 2024 stretch, a positive for the metro following six straight quarters of negative absorption that raised vacancy by 370 basis points. Still, some near-term headwinds may await. As of April, developers were underway on 5,700 units, half of which were in Southwest Riverside County — primarily the cities of Murrieta and Temecula. Fortunately, this area is proximate to Orange County and San Diego, suggesting new units may appeal to both locals and households that are leaving these nearby metros for discounted luxury rents elsewhere. Outside this submarket, deliveries may have less of an impact on property metrics, as indicated by both Class A and B vacancy rates holding steady over the past two quarters.

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