March ARB is located in the one of the strongest economic regions
in the nation, and the housing market in the Inland Empire has been very
robust. Apartment occupancy rates have exceeded 96
percent each year since 2001 and the demand has been largely matched by supply.
This trend may change in the future as a record 6,000 apartments are currently
under construction in Riverside and San Bernardino Counties but an expected
continuing strong job growth should create sufficient demand to occupy most of
the available new supply, but perhaps not all of it.
A run-up in housing
prices and low apartment vacancies will enable Inland landlords to impose the
steepest rent increases in the nation this year. Average rental rates
are currently at all-time highs. While the median home price of $322,400 is
substantially less than the $470,900 for neighboring Los Angeles County, rising
prices and higher mortgage rates have helped to sustain a strong demand for
apartments.
Annual rents should increase about 5.2% through 2005
bringing a one-bedroom unit to nearly $900, a two-bedroom unit to $1080 and a
three bed-room unit to $1380.
Deposits are generally equal to one month's
rental rate. Prospective tenants are credit
checked. Security deposits are fully refundable in California, if
rent is fully paid up and there is no property damage beyond normal wear and
tear, nor excessive cleaning, pest control needed, trash hauling, yard or patio
cleanup. No interest is paid to tenants by landlords in California on security
deposits held by landlords.
The contacts/links provides some internet
links for your rental search.
The Quick Links and Getting Started
sections will provide additional guidance on renting and buying.