Rent growth slows dramatically for single-family homes in San Diego

Rents for single-family homes in San Diego are still rising, but a new report finds the rate of increase has slowed dramatically.

In October, San Diego ranked 14th nationally in annual rent growth for single-family homes and condominiums with a 2.0% increase, according to the CoreLogic Single-Family Rent Index released Thursday.

That’s still higher than the U.S average of 0.9%, but much lower than San Diego’s post-pandemic high.

“While rent gains are far below the peak of 16.8% year-over-year in April 2022, San Diego stands out as one of the few metros that saw 15%-plus increases during that period and is not experiencing rent declines today,” said Molly Boesel, principal economist of Irvine-based Cotality, which issues the CoreLogic reports.

“As a result, rents in San Diego are now 32% higher than in January 2021, an increase of roughly $1,200 in the median rent,” Boesel said.

The continued increases in San Diego come as some large metro areas are seeing declines. Boesel said 18 of the 50 largest metro showed lower year-over-year rents, among them Miami with a 0.9% decrease and Dallas with a 1.3% drop.

“This trend reflects a normalization process rather than a reversal, as affordability challenges and regional dynamics continue to shape rent performance,” she said.

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