Inland Empire Apartment Renters Face Moderate Competition

The Inland Empire of Southern California is moderately competitive when it comes to finding an apartment to rent, according to data from RentCafe.com, an online nationwide apartment listing service.

The I.E. region — which includes such cities as Riverside, San Bernardino and other communities between the metropolitan areas to the south and west and the desert resorts in the east — received a Rent Competitivity Index score of 59, according to RentCafe.

The index average from the United States for the first quarter of 2023 was 60, RentCafe reported, putting the I.E. right in the middle for demand. Inland Empire units also experienced on average 50 vacant days, occupancy of 94.8 percent, with 12 prospective renters for every unit, and a lease-renewal rate of 51.1 percent.

Tops on the list for California was Orange County, with an RCI of 86. It appears to have benefited from Los Angeles transplants looking for lower rents and better e-commerce job opportunities, RentCafe reported. The low supply of housing made it hard for apartment hunters to secure a rental in the area, which includes Irvine, Anaheim, Santa Ana, Costa Mesa, Newport Beach and Aliso Viejo. Occupancy was nearly 96 percent and almost 60 percent of occpants renewed leases.

After OC, San Diego (RCI of 82) faced similar market conditions, but vacancy days were lower at just 38. Nearly 96 percent of occupants renewed leases, RentCafe said, and every vacancy had 14 competing prospects.

Florida took four of the top 10 spots in the nationwide study, with Miami-Dade County at No. 1 with and RCI of 120, occupancy rate of 97.1 percent, 24 prospective renters for every vacancy, and a lease renewal rate of 71.8 percent, RentCafe reported.

For a complete list of the cities and their statistics, check out the report here.

RentCafe.com analyzed property management portal Yardi Systems data across 137 rental markets in the United States to create its Rental Competitivity Index. Markets were ranked based on a score of five metrics, including apartment occupancy rate, average total days vacant, prospective renters per vacant unit, renewal lease rate, and share of new apartments completed during the same timeframe.

For information about available properties for rent in the Inland Empire, visit www.DreamBigPM.com, or contact our office at 951-778-9700.