• The Inland Empire multifamily market tightened in Q3 2019, with vacancy dropping as absorption overtook deliveries.
• Construction activity decreased with completions totaling 3,076 units for the year ending in Q3 2019 (down by 19.7% from the preceding four quarters). Demand in the Inland Empire exceeded new supply with 3,100 units absorbed over the same time period (a 40.5% increase from the year ending in Q3 2018).
• The vacancy rate in the Inland Empire was 3.2% in Q3—down 10 basis points (bps) year over year.
• Inland Empire rents grew 4.6% from the prior year. Rent growth has fluctuated between 4% and 5% over the last two years.
• Investment volume totaled $520 million in Q3 2019 in the Inland Empire multifamily market, approximately flat year over year.