Matrix Multifamily San Diego Report-November 2025 November 19, 2025

San Diego’s Cooling Pattern

San Diego advertised asking rents continued to decelerate, down 0.2 percent on a T3 basis through September to $2,732, in response to the previous two years’ robust supply gains coupled with seasonal trends. Occupancy remained high, at 96.3 percent in August, 160 bps above the U.S. rate.