San Diego 3Q23 Multifamily Market Insights Report: Steady construction levels supporting tight conditions

Highlights:

• The San Diego apartment market posted a very steady performance in the third quarter, with vacancy rates and rents essentially unchanged from midyear levels. Multifamily deliveries picked up in recent months and new projects should continue to come online through the end of the year.
• The local vacancy rate remained unchanged during the third quarter, finishing the period at 3.8%. Year over year, the rate rose 50 basis points.
• After trending higher for a period of more than two years, area rents were largely flat throughout much of the third quarter. Asking rents ended the period at $2,350 per month, closely tracking levels from the second quarter. Year over year, rents are up 2.8%.
• Multifamily transaction activity in San Diego remains light as deal volume so far in 2023 is well below last year’s levels. The median sales price year to date is $307,500 per unit, down 14% from the median price in 2022.

Read the report, or engage with our San Diego office to learn more.