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|January 24, 2017|
Rising apartments rents among nation's fastest
INLAND EMPIRE - (INT) - New figures confirm that apartment rents across the inland region are soaring.
Fourth Quarter rents were up 6.6 percent compared to the same period a year ago to an average of $1485 in November, according to Axiometrics. That's just under $100 above a year ago.
The rent surge was second only among the nation's top 25 markets to the Sacramento area which recorded an 11.3 percent gain.
The inland Empire's occupancy rate remained high at 95.6 percent.
Nationwide, 36 of the top 120 markets – based on number of units and other factors – recorded annual rent growth of 4.0% or higher in the fourth quarter.
The average effective rent nationwide was $1,277 per unit per month in the fourth quarter, compared to $1,245 in the fourth quarter of 2015, Axiometrics apartment market research found.
Story Date: January 15, 2017