Inland Empire Multifamily Figures Q4 2025

– The Inland Empire multifamily market closed Q4 2025 with an occupancy rate of 95.5%, a 30-basispoint decline from Q3 2025. The increase was driven by nearly 5,000 units delivering in 2025, with many projects still working through the initial lease-up process and pushing vacancy upward.

– Net absorption totaled negative 229 units in Q4 2025, down from 741 units in Q3 2025. The decline reflected the typical year end slowdown in leasing activity.

– There were 235 units delivered in Q4 2025, compared to 1,508 units in Q3 2025. Despite the slowdown in completions, housing starts remained elevated as sustained population and migration growth in the Inland Empire continued to attract development activity.

– Average rent per unit fell 1.3% quarter-over-quarter, closing Q4 2025 at $2,295, driven by heightened competition from new supply which limited rent growth.

– Multifamily investment sales totaled $111.2 million in Q4 2025, stabilizing after the $395.2 million recorded in Q3 2025. The sharp drop was due to only small and mid-sized properties transacting