Inland Empire 4Q23 Multifamily Market Insights report: A mixed outlook leading into 2024

Highlights

  • Operating conditions in the Inland Empire cooled during the final months of 2023. Vacancy has remained within a very tight range, but rents declined. Construction is accelerating, which should result in another vacancy rise in 2024.
  • Local vacancy inched up 10 basis points in the fourth quarter, ending 2023 at 3.4%. The rate rose 40 basis points for the full year, following two consecutive years of declines.
  • Rents dropped in the fourth quarter after remaining fairly flat through the first nine months of the year. Asking rents fell 2.5% to $1,773 per month in 2023.
  • The number of sales transactions in the multifamily investment market slowed throughout the year, with an additional decline recorded in the fourth quarter. The median price in 2023 was $240,600 per unit, with Class C properties accounting for the bulk of the transactions.

Read the report, or engage with our Irvine office to learn more.