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Riverside Rent Growth Strong Across All Product Lines

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.