The Inland Empire’s rent discounting seems to be over.
My trusty spreadsheet reviewed rent stats from ApartmentList, which showed that 13 communities in Riverside and San Bernardino counties had median increases of 1.5% in the 12 months ending in March. The median rent was $2,084 monthly for a typical unit.
That’s a reversal from the median 1.7% dip in the previous year. ApartmentList combines pricing patterns from its rental listings with government rent-cost data to create its rent indexes.
Contemplate the flip this way: Across the two counties, 11 of the 13 cities saw rent hikes in the past year. Just two had increases in the previous year.
It’s largely about the growing demand for rental units. Slow but steady job creation, low affordability for homebuyers, and wildfire victims looking for new homes helped to fill new complexes that had been pushing rents lower with aggressive discounting.
The year’s biggest rent increase in the region was found in Colton, up 5.2% to $1,613 – still the lowest rent of the 13 cities. Contrast that to a 7.6% drop in the previous 12 months.
The largest rent cut was found in Temecula, which is off 3% during the past year to $2,205 (the region’s fourth-costliest) vs. a 0.4% gain the previous 12 months.
The rest of the Inland Empire, ranked by the past year’s rent swings …
Victorville: Up 2.9% over the past year to $1,632 a month (the second lowest in the region) vs. a 6.8% drop in the previous 12 months.
Upland: Up 2.8% past year to $2,117 (sixth-highest) vs. 1% drop previous 12 months.
Ontario: Up 2% past year to $2,047 (No. 9) vs. 2.9% drop previous 12 months.
Riverside: Up 1.8% past year to $1,816 (No. 11) vs. 2.4% drop previous 12 months.
Redlands: Up 1.2% past year to $2,073 (No. 8) vs. 2.5% drop previous 12 months.
Corona: Up 1.1% past year to $2,335 (No. 2) vs. 0.5% drop previous 12 months.
Chino Hills: Up 1.1% past year to $2,874 (the I.E.’s priciest spot) vs. 0.4% gain previous 12 months.
Chino: Up 0.8% past year to $2,275 (No. 3) vs. 1.2% drop previous 12 months.
Moreno Valley: Up 0.7% past year to $1,902 (No. 10) vs. 2.1% drop previous 12 months.
Rancho Cucamonga: Up 0.1% past year to $2,134 (No. 5) vs. 0.8% drop previous 12 months.
Murrieta: Off 1.3% past year to $2,095 (No. 7) vs. 1.4% drop previous 12 months.
PS: It was a similar story across California, where rents rose 1.7% in the past year to $1,884 compared with a 1% drop during the previous 12 months.
Nationally, rents are still slipping, just by smaller amounts: down 0.3% over 12 months to $1,216 vs. a 0.8% drop in the previous year.
Jonathan Lansner is business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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