Inland Empire Rents Projected to Rise 2.4 Percent a Year, Fastest in Southern California: USC Casden Forecast Sees Average Rent Climbing from 2,150 Dollars to 2,309 Dollars by June 2029
Riverside, California — Rents in the Inland Empire, which includes Riverside and San Bernardino counties, are expected to rise faster than elsewhere in Southern California through 2029 as apartment construction slows, according to a University of Southern California forecast released on November 11.
The USC Lusk Center for Real Estate's Casden Real Estate Economics Forecast projects average annual rent growth of 2.4% in the Inland Empire during the next three years, the highest rate among the five markets studied. The forecast treats Riverside and San Bernardino counties as a single Inland Empire market and does not provide separate county-level estimates.
The Inland Empire's average rent was 2,150 dollars in June, the lowest among the markets studied, and is projected to reach 2,309 dollars by June 2029. Its vacancy rate was 6.47% in June and is forecast to fall to 5.83%.
The report said the Inland Empire added 12,300 rental units over the past three years, expanding its apartment stock by about 7%, the fastest growth rate among the five Southern California markets. That construction helped moderate rent growth to nearly 1%, the forecast said. Most recent development was outside the luxury market, with Class A apartments accounting for 32% of new supply and most remaining deliveries in the midrange Class B category.
Forecast author Moussa Diop, an associate professor of real estate at the USC Sol Price School of Public Policy, said housing cannot be affordable unless there is plenty of it, and that San Diego and the Inland Empire show there is still hope for affordability, but meaningful gains take time and sustained development.
The report cautioned that the area's affordability advantage could be threatened as construction starts have fallen 60% from their 2024 peak while the market absorbs recently completed apartments. The forecast also projects annual rent growth of 1.4% in Los Angeles County, 1.9% in Orange County, 1.5% in San Diego County and 2.2% in Ventura County, and cited persistent inflation, elevated interest rates and high construction costs as obstacles to future housing development.
Published by GSM · USA (original Chinese edition)
Photo: 图：图中是加利福尼亚州的公寓楼（通用图）。FASTILY，CC BY-SA 3.0，经Wikimedia Commons。 / Photo: file photo. FASTILY, CC BY-SA 3.0, via Wikimedia Commons.
