San Diego Rents Decline 5.6-7.5% as Increased Supply Outpaces Most Major U.S. Markets
By
littlexsparkee
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
San Diego experienced significant rent declines for both 1- and 2-bedroom apartments (5.6% and 7.5% respectively) over the past year, outpacing most major U.S. markets. The primary driver was a 15% increase in rental supply, which created more competition and downward pressure on prices. San Diego's rent decreases were more substantial than in 19 of the nation's top 20 priciest rental markets, with only New Haven, CT seeing a larger decline.
Key quotes
· 4 pulledThe median rent for a 1- and 2-bedroom apartment in San Diego declined by 5.6% and 7.5%, respectively.
The report found that there was about a 15% increase in active listings in San Diego over that timeframe.
Generally speaking, the more supply there is, the less the prices will continue to increase.
San Diego rents have gone down since this time last year, according to a new report by Zumper.
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