17 Jun 19
You can blame rising Inland Empire apartment rents on all those coastal newcomers.
In the first quarter, the average rent across all of San Bernardino and Riverside counties increased 3.9% from the same period in 2018, according to a report from brokerage Marcus & Millichap. Rents for an apartment in western San Bernardino County have edged above $1,800 per month.
“Rental demand … is driven by the migration of residents from the adjacent coastal metros where housing costs have become a major problem,” the report said.
The average monthly rent in the Inland area is between $500-$700 less than Los Angeles, Orange or San Diego counties.
Across the Inland counties, the average rent was $1,500. Riverside, at $1,544, Redlands at $1,527 and Moreno Valley at $1,463, were in the cities that fell into that category of “average.”
The less expensive communities were the Hemet-Perris-Lake Elsinore area at $1,336 a month, Rialto-Fontana-Colton at $1,244 and San Bernardino at $1,169.
The priciest cities were all close to Los Angeles and Orange counties: Corona ($1,698), Ontario-Chino ($1,757) and Rancho Cucamonga-Upland ($1,801).
The report cites several apartment projects under construction that will increase the housing supply. About 700 rental units will be completed in Ontario by the end of 2019.
Also, Marcus & Millichap predicts 1,000 new apartments will come on the market in Moreno Valley in the next two years. Only 200 were added from 2013 to 2018.
Lewis debuts apartment complex
Speaking of rents, Discovery Village, a big addition to the Inland Empire apartment market, opened in Chino last week.
With 450 units it’s the second-largest apartment complex in the Inland Empire, according to a statement.
Developed by Lewis Apartment Communities, the units are meant to compete with single-family homes in terms of amenities and, in some cases, in size. Some of the units have four bedrooms, 3 ½ bathrooms, and a two-car garage. Rents run from $1,800 to $ 2,800 a month, spokesman Steve Lambert said, putting the complex at the high end of the Inland Empire.
Discovery Village is being marketed to people who might have at some point bought their own home but can’t afford one in today’s market. It is also hoping to attract residents who might be making career moves in the future and do not want to be tied to a mortgage.
Manufacturing orders strong
Calls for new orders continued to rise for Inland Empire factories last month, and finished goods are still rolling out, according to a report released earlier this month.
The Purchasing Managers Index, a compilation of data that measures the pace of local manufacturing, increased to 54.2 in May, according to the Institute for Applied Research at CSU San Bernardino. It was a modest increase from the 52.8 reading in April.
Two key measures showed strong increases in May. New orders rose to 55.2 from 51.7 in the previous month, and production increased to 60.3 from 56.9. A reading over 50 suggests the sector is expanding; the overall index has been above that level for 29 consecutive months.
“The fact that both these important indices are both above 50 indicates that consumers are optimistic enough about their own finances to be buying goods, and our Inland Empire firms are busy producing and filling orders,” Barbara Sirotnik, director of the CSU institute, wrote in an analysis.
The report also suggests manufacturing companies are interested in hiring workers. According to state data, almost 101,000 Inland residents are employed in the sector.
The May study was based on questionnaires received from 29 factory executives, submitted before President Donald Trump’s announcement that 5% tariffs on goods from Mexico could be implemented. Negotiations between both nations kept the threat of an increased tariff at bay.
John Husing, chief economist for the Inland Empire Economic Partnership, said a national manufacturing report was mostly flat compared to previous months, which he said suggests an economic slowdown could happen in the future.
Dick’s Sporting Goods coming to Eastvale
Dick’s Sporting Goods will open a store in Eastvale in July and plans to hire as many as 77 employees there.
The company, which has more than 700 locations across the country, will be looking for five full-time employers and 44 part-time associates. Additionally, Dick’s is looking for 28 temporary workers.
Address: 12399 Limonite Avenue at Eastvale Gateway. To apply online, go to dickssportinggoods.jobs.
Altis, the large 55-and-older community in Beaumont, is a Grand Award winner for “Best Age Qualified Senior Living Community” at the 2019 Gold Nugget Awards.
Developed by Pardee Homes, Altis appeals to buyers who prefer modern and environmentally friendly design.
The Gold Nugget Awards are considered the “Academy Awards” of the building industry.
SCORE plans a series of seminars
The Inland Empire office of Senior Corps of Retired Executives, or SCORE, is presenting a series of workshops geared toward helping small business owners.
The sessions include a free business roundtable, “How Brick and Mortar Businesses Can Compete with Online Companies,” from 8 a.m. to 9 a.m. Wednesday, June 19 at the Murrieta Innovation Center, 26442 Beckman Court.
Other seminars, on subjects that run from online marketing to keeping a clean human resources operation, are planned this month at different locations.
A full list is available at inlandempire.score.org.
Habitat for Humanities fights high costs
Habitat for Humanities Inland Valley has joined a national advocacy campaign that aims to reduce the high costs of housing across the country.
The Cost of Home campaign seeks to identify and improve policies and operations on the local, state and federal levels. It will focus on improving the supply of affordable homes, increasing fair access to credit, optimizing land use and developing communities of opportunity.
Tammy Marine, executive director of the Inland Empire office, said in a statement that she hopes to work with government officials, local businesses, developers and nonprofits on this campaign.
Abbott, building owner lock in lease
A 124-month lease deal on a Temecula commercial building has been reached between owner County Center Drive and tenant Abbott Labs.
Lee & Associates represented both parties in the lease of the 82,266-square-foot building at 41093 County Center Drive.
Abbott occupies more than 800,000 square feet of space at several locations in the Temecula area.
Two senior apartments sold
Two active senior-living complexes in Riverside have been sold for close to $7 million, according to a statement.
Both were owned by the same undisclosed party, the original developer, and sold to separate undisclosed buyers.
Orangeville Senior Living, a 23-unit property built in 2010 at 1054 North Orange St., was sold for $4.43 million.
Madison Villa Arms, at 3628 Madison Street, was sold for $2.45 million in an all-cash deal. It’s only 2 years old and consists entirely of two-bedroom, one-bath units.
CBRE represented the parties in the deals.
Indio retail project progresses
Work at the Indio Towne Center, a 560,000-square-foot retail project, is progressing, with the construction of Marshalls and Burlington stores recently completed, Knoebel Construction said in a statement.
The next phase, due for completion in February, will house Ulta Beauty and Five Below. The Burlington site involved the conversion of an existing building, while the others are ground-up builds.
Correction on ONT info booth
REAL ID drivers licenses and ID cards are state-issued. Because of a reporter’s error, a Status Update item in the June 10 edition incorrectly classified the IDs. The REAL ID Act is a federal program that requires states to issue licenses and ID cards in a specific manner, requiring applicants to visit any DMV office and provide specific documentation.