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Market Report

Riverside-San Bernardino Multifamily Investment Forecast

2020 Outlook

2020 Vacancy Reaches New Low Amid Widespread Demand for Rentals

Healthy job creation and an expanding residential base maintain tight conditions. Ranking as Southern California’s top metro for employment growth last year, Riverside-San Bernardino is on solid footing entering 2020. Robust demand for industrial space and unwavering population gains will fuel strong hiring velocity for distribution and logistics employers as well as healthcare services this year. Many of these new positions will be filled by individuals that relocate to the metro as organizations are forced to recruit from outside the region with greater frequency amid historically low unemployment. A steady inflow of new residents heightens demand for rentals of various quality at a time of cycle-low vacancy. Those seeking newly built Class A apartments will find limited options in San Bernardino County, where deliveries are lacking outside of Redlands. They will find 1,100 new units concentrated in the city of Riverside and neighboring Moreno Valley. These apartment completions in areas with high rental demand will allow vacancy to decline moderately in 2020, holding unit availability below 4 percent for a fourth consecutive year.

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