San Diego Q4 Multifamily Market Report: Transaction Activity Regains Momentum to Close 2020

Highlights:

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• 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.

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