This is a narration of our weekly Multifamily Market Report.
Over the past three years, one of the steadiest and best performing markets nationwide has been San Diego. The Southern California metro did not experience as significant of a decline in housing demand and rents seen in Los Angeles and San Francisco in the early days of COVID-19, but the metro had a very strong recovery in 2021 and 2022. This year, as other hot secondary markets in the southeast and southwest have cooled down rapidly, San Diego has maintained its growth, and is still seeing annual rent increases in most submarkets. The combination of a limited downturn and consistent rent growth has pushed San Diego to the fourth most expensive metro in the country for net effective rents.
Demand remains elevated in San Diego and new supply will not be an issue. As rents grow, affordability may become a concern once again, however in the short term, San Diego is poised for great multifamily performance.
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