The average rent in San Diego county hit $1,514 per month this spring, more than $250 higher than a year ago, according to survey results released Wednesday.
The survey by the San Diego County Apartment Association found that while more rental units are coming on the market, and vacancy rates have risen slightly, pent-up demand continues to drive rents up.
“We still have pent-up demand, despite the modest vacancy increase, and that is reflected in rising rents,” said Alan Pentico, executive director of the apartment association.
The weighted average rent of $1,514 compared with $1,321 in last fall’s survey and $1,260 a year ago.
Average rent was $974 for studio units, $1,301 for one-bedroom units, $1,609 for two-bedroom units, and $1,943 for units with three or more bedrooms.
The countywide vacancy rate for residential rental units now stands at 4.1 percent, up from 2.3 percent last fall and 2.7 percent this time last year.
“With many new units still in the development pipeline, we expect to see supply continue to rise,” Pentico said. “This is essential as we strive to make up for the many years when the region was not developing enough to meet demand.”
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