Inland Empire Multifamily Figures Q1 2023

The Inland Empire (IE) multifamily sector showed signs of resilience as incoming renters drove rent growth and the market realized significant improvements in net absorption from Q4 2022 to Q1 2023. Abatements slightly counteracted the growth in rents quarter-over-quarter as revenue-per-unit fell from $2,116 in Q4 to $2,111 in Q1. Vacancy increased 50 basis points quarter-over-quarter to 4.7% while 807 new units delivered to the market. Demand remained healthy as the IE served as a harbor for residents looking to escape higher rents further West.