Housing markets in the South and West are seeing a slowdown in rental increases – including in San Diego.
Rental growth in San Diego was flat, off 0.1% in July, according to a report by ApartmentList.com, compared to a 0.2% increase nationwide.
The pace of year-over-year rises in rental costs in San Diego has fallen 3.5%, as compared to -0.8% one year ago, the service said.
As far as costs go, that translates to local rents rising at a 2.3% clip this year, a slower rate of growth compared to what the city was experiencing at this point last year.
From January to July 2023 rents had increased 4.0%.
The median rent in San Diego is $1,986 for a one-bedroom unit and $2,489 for a two-bedroom – or almost 65% higher than the national median of just over $1,400.
That makes San Diego the 11th most expensive large city in the U.S., according to Apartment List, with four of the top 5 of those cities located in California – Irvine, San Jose, Fremont and San Francisco.
Regional rents also are elevated, with Chula Vista, for instance, at medians of $1,731/$2,265 for a one bedroom or a two bedroom.
The most affordable rent in the region, according to the report, is in El Cajon, with a median rent of $1,398 for a one-bedroom apartment and $1,714 for a two bedroom.
Availability is up though. San Diego’s apartment vacancy rate stands at 6%, up 1.7 % from this time last year, the report said.
