- The San Diego multifamily market recorded strong renter demand and even more robust supply growth in 2018. The vacancy rate crept higher, while rent growth was strong throughout the year, with the greatest gains recorded in the second half.
- Vacancy rose 50 basis points in 2018, ending the year at 4 percent. The market recorded a 10-basis-point uptick during the fourth quarter.
- Despite some upward pressure on vacancy, local rents rose at their fastest rate since 2015. Asking rents in San Diego spiked by 5.4 percent in 2018, reaching $1,822 per month.
- The investment market strengthened at the end of 2018, with activity accelerating, cap rates compressing, and the median price spiking.