While occupancy in the Inland Empire apartment market isn’t horrible, the metro just can’t seem to get going on the pricing front, losing ground on a quarterly basis for the first time in three years.
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The Inland Empire is finally seeing some solid job growth, but the large shadow market of single-family rentals is hindering the apartment sector from reaping much benefit.
Despite the recent data that job creation is finally starting to appear in the Inland Empire, there’s still a long way to go to reach full economic recovery.
The apartment sector in the Riverside/San Bernardino area is improving, but it didn’t get the big bumps seen in Los Angeles and Orange County of late.
Competition from single-family homes and condos didn’t seem to dampen U. S. apartment market demand during most of 2009 and the first half of 2010. More recently, it looks like shadow market rental product has seen its popularity rise again in specific metros.
For the first time in the cycle, most of Southern California’s markets posted meaningful rent increases about in line with the upturn recorded for the nation as a whole.
Southern California’s apartment sector saw very muted revenue growth in 2010, with one big exception: Ventura/Oxnard.
Like most Southern California markets, the Riverside/San Bernardino area lagged behind the national norm for apartment market revenue growth in 2010.