The Inland Empire rental market remains tilted in favor of tenants.
That’s what my trusty spreadsheet found when it reviewed the September rent data from ApartmentList, which tracks pricing in 13 cities across the Inland Empire using an index of one-bedroom and two-bedroom units.
Consider that rents declined in 11 of the 13 cities in the year ending in September. But in the previous 12 months, rents fell in just seven of those cities.
Why? A host of factors overcame initial fears that the loss of housing in January’s Los Angeles wildfires would boost rents regionally. The region’s job market is also weak, cutting demand. And new construction has prompted local landlords to offer discounts to fill their newly available units.
City watch
Here are the local rent swings, ranked by price change.
Temecula: Off 3.6% to $2,192 monthly in the year ended in September, following a 1.5% drop in the previous 12 months.
Colton: Off 3% to $1,577 vs. 1.9% gain in the previous 12 months.
Murrieta: Off 2.9% to $2,079 following a 1.4% drop in the previous 12 months.
Victorville: Off 2.1% to $1,568 following a 2.7% drop in the previous 12 months.
Rancho Cucamonga: Off 1.6% to $2,098 following a 1.5% drop in the previous 12 months.
Chino Hills: Off 1.5% to $2,879 vs. a 2.2% gain in the previous 12 months.
Chino: Off 1.3% to $2,297 following a 1.3% drop in the previous 12 months.
Upland: Off 1.2% to $2,080 vs. a 0.9% gain in the previous 12 months.
Ontario: Off 0.9% to $2,040 vs. a 0.6% gain in the previous 12 months.
Moreno Valley: Off 0.8% to $1,929 vs. a 1.8% gain in the previous 12 months.
Palm Desert: Off 0.4% to $1,598 following a 3.4% drop in the previous 12 months.
Corona: Up 0.2% to $2,359 vs. a 1.9% gain in the previous 12 months.
Riverside: Up 0.4% to $1,806 vs. a 1.7% drop in the previous 12 months.
Big picture
Now, look at countywide results.
Riverside County rents were down 0.9% over the past year to $1,925, compared with flat rates in the previous 12 months. And San Bernardino County rents were off 1.4% to $1,773 after being flat for the last 12 months.
That’s a story similar to the nation, which saw rents fall 0.8% to $1,394 over the past year, compared with a 0.7% decline in the previous 12 months.
However, statewide prices are mildly rising. California rents increased by 1.3% in the last year to $2,198, compared with a 0.4% decline in the previous 12 months.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
