Rental prices in San Diego fell dramatically in response to COVID-19, but according to one analysis, they have rebounded and are back above pre-pandemic projections.
ApartmentList.com called it “pandemic pricing” as some areas experienced double-digit drops in monthly rental prices.
Yet rents in San Diego grew 2% in June, and have risen for six months straight.
The 2% rise means prices are higher than they were last March – or back to where they would have been had the pandemic not hit the economy so hard in the spring of 2020.
In total, rent prices in San Diego have risen nearly 10% in the past 12 months. Statewide, the rate was 4.4%, while nationally it was 8.4%.
Median rents in San Diego currently stand at $1,689 for one-bedroom apartments and $2,240 for two-bedroom units.
That’s compared to $2,690 for two-bedroom apartments in San Francisco and $2,210 for the same size units in Los Angeles and San Jose.
In other parts of San Diego County, Carlsbad experienced the greatest growth in rental costs since last June – 17.1%, followed by Oceanside, at 15%.
The median rental price for a one-bedroom in Carlsbad will set tenants back $2,100, while a two-bedroom will cost $2,670. In Oceanside, a one-bedroom is $1,890, and a two-bedroom, $2,360.
In the Apartment List analysis, Chula Vista had the lowest median rent, at $1,460 for a one bedroom.
Rent rose at a 2.3% clip nationally for June. San Diego’s monthly rent change ranks 56th among the nation’s 100 largest cities.
The pandemic doldrums continue in some cities though – Seattle, Washington D.C. and New York rent prices fell 3% or more over the past year.