Inland Southern California’s limited economic growth is continuing to fuel the apartment market, especially in Riverside County’s central cities, according to the latest data from commercial real estate broker Marcus & Millichap.
And, following the basic rules of supply and demand, rents are up in almost every submarket in San Bernardino and Riverside counties, although it’s less than $1,000 a month, on the average, in most of them.
The vacancy rate for Riverside, Corona and Moreno Valley, Riverside County’s three largest cities, is between 3 and 3.7 percent, according to the report. Vacancies have declined at least 1 percent in the past 12 months, mostly because the improving job market is allowing people to move out of a roommate situation, or out of grandparents’ guest rooms, and start their own households.
Colton and Loma Linda also have low vacancy rates, at 3.1 percent. In other cities, vacancies are 4.3 percent in Upland, 5 percent in Fontana and Rialto, 5.2 percent in San Bernardino, 6 percent in Indio and Coachella, 6.5 percent in Victorville and 7.8 percent in Palm Springs and Palm Desert.
Rents in parts of Riverside and in Corona are a little over $1,100 a month, up 4 percent in the past year, and the average rent is a little over $1,000 in Colton, Loma Linda and Upland.
There are also Riverside neighborhoods where an apartment for less than $1,000 is available. That is true as well in Rialto, Fontana, San Bernardino and the desert cities.
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