San Diego 1Q23 Multifamily Market Insights: Vacancy remains flat, rents inch higher

Highlights:

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• Property fundamentals in San Diego were mostly stable during the first quarter, as vacancy held steady and asking rents inched higher. Multifamily deliveries were limited to start the year but are forecast to pick up in the remainder of 2023.
• Area vacancy remained unchanged during the first quarter, finishing the period at 3.5%. The rate has improved by 50 basis points year over year.
• Asking rents inched higher at the start of the year, rising just 0.2% to $2,333 per month. Local apartment rents are up 4.8% from one year ago.
• The San Diego multifamily investment market experienced a slowdown, as only a handful of properties changed hands in the first quarter. The median sales price to this point in 2023 is $265,100 per unit, down 26% from the median price last year.

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