San Diego Q1 Market Report: Sales of Larger Properties Dominate Transaction Activity
Highlights:
- Multifamily properties in San Diego performed well at the start of 2019. Vacancies tightened during the first quarter and rents rose, even as more than 1,000 new units were added to the local inventory.
- Vacancy dipped 10 basis points in the first quarter, reaching 3.9 percent. Despite the recent drop, the rate is up 20 basis points year over year.
- Rents are trending higher in San Diego; asking rents are up 4.6 percent from one year ago, ending the first quarter at $1,830 per month.
- The investment market was active at the start of the year, with several properties in excess of 200 units changing hands. The median price rose to $270,900 per unit, while the average cap rate held steady at 4.6 percent.
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