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.
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