Inland Empire Rents Hit New High as 12,000 Units Since 2023 Lose Grip on Vacancy
Updated
Updated · NorthMarq · Aug 18
Inland Empire Rents Hit New High as 12,000 Units Since 2023 Lose Grip on Vacancy
3 articles · Updated · NorthMarq · Aug 18
Summary
Q2 2026 rents in the Inland Empire multifamily market reached a new high, while vacancy edged lower as absorption began to offset recent deliveries.
Supply pressure eased after a heavy construction cycle, with deliveries expected to slow through the rest of 2026 and into 2027, helping rebalance operating conditions.
Class A properties still lag after roughly 12,000 units were added since early 2023, pushing vacancy up more than 200 basis points, while Class B and C vacancies have averaged about 4%.
Investment activity improved only modestly in the first half of 2026: no sale topped $100 million, Class B assets dominated transactions, and stabilized Class A cap rates generally traded in the high-4% to low-5% range.
The outlook is improving, but newer Class A communities still need stronger lease-up—especially around Ontario/Rancho Cucamonga—before investors are likely to return at higher volumes.