SoCal Renters Head to Inland Empire

The Inland Empire—and specifically Riverside—is attracting Los Angeles and Orange County residents with lower cost rents. According to a recent report from JLL, Los Angeles and Orange County are both losing residents each day as a result of high apartment rents. In Los Angeles, 93 residents each day are leaving the market, and in Orange County, 17 residents are fleeing for cheaper cost of living. Riverside, on the other hand, is gaining new residents each day.

“On a local level, there’s a clear shift toward the Inland Empire. Riverside County is receiving on average 41 new residents per day,” Matt Kaufman, research analyst at JLL, tells GlobeSt.com. “The Inland Empire is a significantly more affordable option for Southern Californians. Rents in the market for a one-bedroom apartment are 29% less than Los Angeles and 40% less than Orange County. This coupled with growing number of industrial jobs in the area has made the Inland Empire fertile ground for residents looking to set down roots.”

Increasing costs of apartment rent is driving this migration trend, but it also has long-term consequences. “Rent burdening serves as a major deterrent for potential home ownership,” says Kaufman. “Residents who are putting half of their income toward rent, simply do not have room in their budgets for investments or savings, which are the primary tools for amassing a down payment.”