San Diego Q4 Multifamily Market Report: Transaction Activity Regains Momentum to Close 2020
Highlights:
- The San Diego multifamily market delivered a relatively steady performance in 2020, despite the local economy’s challenging circumstances.
- Vacancy held steady from the third quarter to the fourth quarter, remaining at 4 percent. For the year, vacancy ticked up 10 basis points, following a minimal decline in 2019.
- Apartment rents in San Diego pulled back slightly in 2020, breaking the 10-year streak of annual growth. Asking rents fell 1.6 percent to $1,860 per month.
- The local investment market gained momentum in the fourth quarter. Prices rose and cap rates compressed in 2020, and activity spiked in larger-dollar transactions late in the year.
