Inland Empire Multifamily Market Report

The following reflects Inland Empire multifamily market conditions as of Q3 2026.

The Inland Empire multifamily market in Q3 2026 experienced year-over-year decreases in vacancy and unemployment, an increase in rental rates, and a decrease in construction deliveries. Explore our full Inland Empire multifamily market report for deeper insights into rents, construction activity, and investment sales.

Frequently Asked Questions

What is the Inland Empire multifamily vacancy rate in Q3 2026?

The Inland Empire multifamily vacancy rate was 5.3% in Q3 2026, according to Kidder Mathews research. That is down from 5.6% in Q2 2026 and 5.8% in Q3 2025, a decline of 50 basis points year over year. (Data source: CoStar)

What are average asking rents for Inland Empire multifamily in Q3 2026?

Average asking rents in the Inland Empire multifamily market were $1,997 per unit per month in Q3 2026, according to Kidder Mathews research. That compares with $1,991 in Q2 2026 and $1,964 in Q3 2025, an increase of 1.7% year over year. (Data source: CoStar)

How much is rent in the Inland Empire by apartment unit size in Q3 2026?

Average monthly rent in the Inland Empire in Q3 2026 was $1,470 for a studio, $1,775 for a one-bedroom, $2,106 for a two-bedroom, and $2,343 for a three-bedroom, according to Kidder Mathews research. The market-wide average asking rent across all unit types was $1,997 per unit per month. (Data source: CoStar)

What was Inland Empire multifamily net absorption in Q3 2026?

Inland Empire multifamily net absorption was 1,220 units in Q3 2026, according to Kidder Mathews research. Net absorption measures the change in occupied units over a period, so a positive figure means more units were occupied than vacated. Year to date, net absorption totaled 3,881 units, up 1.5% from 3,825 units in the same period of 2025. (Data source: CoStar)

How many new multifamily units were delivered in the Inland Empire in Q3 2026?

Construction deliveries in the Inland Empire multifamily market totaled 727 units in Q3 2026, according to Kidder Mathews research. Year-to-date deliveries reached 1,995 units, down 44.7% from 3,609 units in the same period of 2025. The largest completed project was 3099 Iowa, a 300-unit property in the University submarket owned by UDR and delivered in September 2026. (Data source: CoStar)

How many multifamily units are under construction in the Inland Empire as of Q3 2026?

There were 5,729 multifamily units under construction in the Inland Empire as of Q3 2026, according to Kidder Mathews research. That is down 15.2% from 6,759 units in Q3 2025 and down from 5,963 units in Q2 2026. The largest project is Broadstone Juniper, a 546-unit development at 7848 Calhoun Rd in the Crossroads submarket owned by Alliance Residential Company, with expected delivery in Q3 2027. (Data source: CoStar)

What is the average multifamily sales price per unit in the Inland Empire in Q3 2026?

The average multifamily sales price in the Inland Empire was $240,284 per unit in Q3 2026, according to Kidder Mathews research. That is up from $207,013 in Q2 2026 but down 20.5% from $302,237 in Q3 2025. (Data source: CoStar)

What is the average multifamily cap rate in the Inland Empire in Q3 2026?

The average cap rate for Inland Empire multifamily properties was 5.9% in Q3 2026, according to Kidder Mathews research. That is down from 6.2% in Q2 2026 and up 20 basis points from 5.7% in Q3 2025. (Data source: CoStar)

What was the largest multifamily sale in the Inland Empire in Q3 2026?

The largest Inland Empire multifamily sale in Q3 2026 was Reserve at Chino Hills, a 482-unit property in the Los Serranos submarket that sold for $160,402,500, or $332,785 per unit, according to Kidder Mathews research. Waterton was the buyer and Decron Properties was the seller. (Data source: CoStar)

Which other multifamily properties sold in the Inland Empire in Q3 2026?

Other top Inland Empire multifamily sales in Q3 2026 included Turtle Creek Apts, a 98-unit property in Arlanza that sold for $34,500,000 ($352,041 per unit) to Hamid Farsai, and Arbor Terrace Apts, a 129-unit property in Colton that sold for $25,250,000 ($195,736 per unit) to Forward Housing. The Kimberly in South Redlands (54 units, $12,350,000) and Cambria Villa Apts in Fontana (50 units, $12,250,000) rounded out the top five, according to Kidder Mathews research. (Data source: CoStar)

What is the Inland Empire multifamily market outlook based on Q3 2026 data?

Year-over-year indicators in the Q3 2026 Inland Empire multifamily data point to a tighter rental market with less new supply, according to Kidder Mathews research. Vacancy fell 50 basis points to 5.3% and average asking rents rose 1.7% to $1,997 per unit per month, while units under construction declined 15.2% to 5,729 and year-to-date deliveries fell 44.7%. On the investment side, the average sales price per unit fell 20.5% year over year to $240,284 and the average cap rate rose 20 basis points to 5.9%. (Data source: CoStar)

Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

Q3 2026 Inland Empire Multifamily Market: Key Data Points

Explore our full Inland Empire multifamily market review for detailed trends and submarket insights.

• Vacancy Rate: The vacancy rate was 5.3% in Q3 2026, down from 5.6% in Q2 2026 and 5.8% in Q3 2025 (a decline of 50 basis points year over year).
• Average Asking Rent: Average asking rents reached $1,997 per unit per month, up 1.7% from $1,964 in Q3 2025 and above the $1,991 recorded in Q2 2026.
• Net Absorption: The market absorbed 1,220 units in Q3 2026, bringing year-to-date net absorption to 3,881 units, up 1.5% from 3,825 units in 2025.
• Construction Deliveries: Deliveries totaled 727 units in Q3 2026 and 1,995 units year to date, down 44.7% from 3,609 units in the same period of 2025.
• Under Construction: There were 5,729 units under construction, down 15.2% from 6,759 units a year earlier and down from 5,963 units in Q2 2026.
• Average Sales Price per Unit: The average sales price was $240,284 per unit, down 20.5% from $302,237 in Q3 2025 and up from $207,013 in Q2 2026.
• Average Cap Rate: The average cap rate was 5.9%, up 20 basis points from 5.7% in Q3 2025 and down from 6.2% in Q2 2026.

Average Rent by Unit Type

Significant Sale Transactions Q3 2026

Significant Under Construction

Significant Completed Construction Q3 2026

Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.