search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsTides Equities faces three foreclosures in Fort WorthTides Equities faces three foreclosures in Fort WorthBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosure
Commercial
Los Angeles

Inland Empire rent hikes highest in nation

Q1 vacancy rate also fell to 2.1%, but rose to 5.1% for LA County overall

Average Q1 rent in the region increased 8.5 percent year-over-year. (Getty)
Average Q1 rent in the region increased 8.5 percent year-over-year. (Getty)

Apartment prices in the Inland Empire climbed at a higher rate than anywhere else in the country in the first quarter, amid rising demand and falling vacancy rates.

Average Q1 rent in the region increased 8.5 percent year-over-year to roughly $1,662 per month, according to the Los Angeles Daily News, citing data from several companies that track prices. That’s a monthly increase of $130 compared to the same period last year.

It’s also the highest percentage rent increase for the Inland Empire since 2000. The area — better known for its industrial prowess — has historically been cheaper than L.A. and Orange counties and remained so in the first quarter.

Sign Up for the undefined Newsletter

Though L.A. County saw a 3.6 percent rent drop over the same period, average rents were still $2,085 in Q1, the report noted. Declines have been more significant at the higher end of the market.

Vacancy rate in Inland Empire fell to 2.4 percent in Q1 from 4.1 percent over the same period last year. In L.A. County overall, vacancy increased to 5.2 percent from January through March compared to 4.4 percent over the same period in 2020.

[LADN] — Dennis Lynch 

Tags
Inland EmpireRental Market