The Inland Empire’s rents increased by 4.2 percent year-over-year through April, driven by the market’s historically limited inventory.
The Inland Empire’s rental market saw its fortunes expand further to start the year, as rent growth continued at above-U.S. rates—up 4.2 percent year-over-year as of April. Historically limited inventory expansions have driven growth, while the market’s affordability compared to other SoCal metros continues to push residents into the area.
Economic improvement has continued, with the logistics industry still acting as the area’s economic anchor as nearly a quarter of all jobs are in trade, transportation and utilities. Proximity to the area’s main ports—Los Angeles and Long Beach—continues to be economically beneficial and drives the bulk of the activity. Amazon is San Bernardino and Riverside counties’ largest employer and is set to continue that trend with the opening of a new 640,000-square-foot fulfillment center in Beaumont.