Read the latest Yardi Matrix San Diego Multifamily Market Report.
Slow Rent Growth, High Occupancy
San Diego multifamily fundamentals were slower but still steady at the start of the new leasing season, with asking rent gains up 0.1% year-over-year through April 2025, to $2,741, lagging the 0.9% U.S. rate, according to the latest San Diego multifamily market report. Occupancy in stabilized properties also inched up 10 basis points year-over-year, to 96.2% in March. The national occupancy rate was 94.4%, at its lowest level in more than a decade. Employment growth remained sluggish in San Diego, at 0.4% as of February, while the U.S. rate stood at 0.9%, as noted in the national multifamily market report.
The metro gained 9,900 net jobs, with jobs added in only three sectors: education and health services (9,300 jobs), government (9,000) and leisure and hospitality (4,100). Professional and business services (-5,100) and manufacturing (-3,300) posted the largest losses. Area unemployment clocked in at 4.0% in April, faring slightly better than the 4.2% U.S. average. The $1.4 billion Gaylord Pacific Resort & Convention Center, which is anticipated to create 1,800 jobs, just opened. Meanwhile, citing rising debt and construction costs, Hines paused work on the Riverwalk Golf Club redevelopment, a $4 billion mixed-use project that’s expected to include 4,300 apartments, as well as office and retail.
Developers delivered 706 units this year through April and had another 12,387 apartments underway. Meanwhile, investors traded a substantial $752 million in assets in the first four months, with the average per-unit price slightly down, to $390,056.
Read the full Yardi Matrix San Diego Multifamily Market Report: June 2025
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