Inland Empire, CA Multifamily Market Report | CBRE | Q4 2025

Market Overview

After delivering nearly 5,000 units in 2025, the Inland Empire multifamily market closed Q4 with occupancy at 95.5% and average rents down 1.3% quarter-over-quarter to $2,295 per unit, as new supply kept competition high and limited landlord pricing power. Net absorption turned negative at 229 units for the quarter, reflecting a typical year-end leasing slowdown rather than a fundamental demand shift. Investment volume pulled back sharply to $111.2 million, with all nine transactions involving older assets as institutional buyers remained selective. Housing starts stayed elevated, supported by sustained population and in-migration growth that continues to attract development activity to the region.

About CBRE

CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 Inland Empire multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.