Riverside Rent Growth Strong Across All Product Lines

Riverside is the only apartment market in the nation recording effective asking rent growth of more than 3% across the product spectrum. As of July, effective asking rents in Riverside were up by 4.1% in Class C stock, 3.4% in Class A units and 3.2% in Class B properties. While these increases place the market among the top five national performers across all asset classes, Riverside’s Class A increase was the nation’s best showing among luxury product, followed closely by the Class A upturns in Virginia Beach and Sacramento. Among the other California apartment markets, Riverside and Sacramento are comparatively much more affordable, as rental rates in these two areas come in about $400 below prices seen in the rest of the state. On average, California markets are recording price cuts of roughly 2% to 3% across the product spectrum. While the U.S. is logging cuts of 1% to 2% in Class A and B stock, Class C asking rents essentially match year-ago rates.