{"id":2445,"date":"2021-11-22T12:28:11","date_gmt":"2021-11-22T12:28:11","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2445"},"modified":"2023-09-21T11:12:08","modified_gmt":"2023-09-21T11:12:08","slug":"san-diego-multifamily-market-report-fall-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-fall-2021\/","title":{"rendered":"San Diego Multifamily Market Report &#8211; Fall 2021"},"content":{"rendered":"<h2>San Diego&#8217;s Strong Demand Boosts Occupancy<\/h2>\n<p><strong>The pandemic\u2019s impact on San Diego\u2019s multifamily market was less severe than the effect on other coastal cities.<\/strong> Rents rose 1.8% on a trailing three-month (T3) basis through September, to an overall average of $2,260. Furthermore, the occupancy rate in stabilized properties increased by a substantial 160 basis points in the 12 months ending in August, to 97.6%.<\/p>\n<p>The unemployment rate improved to 6.6% in August, outperforming California\u2019s 7.5% but trailing the 5.2% U.S. figure. Employment continued to improve, expanding by 1.7%, or 60,800 jobs, in the 12 months ending in July. Despite two sectors still losing jobs, San Diego\u2019s economy outperformed those of all other major California markets during the period. Following leisure and hospitality (up 20.7%, or 27,800 jobs), two of the metro\u2019s largest sectors\u2014professional and business services and education and health services\u2014added 7,600 jobs each. However, mirroring the statewide trend, San Diego\u2019s population declined in 2020.<\/p>\n<p>Developers had 9,353 units under construction as of September, but deliveries are lagging. During the first three quarters, just 1,910 units came online, heavily tilted toward the Lifestyle segment. Meanwhile, the transaction volume surpassed $1 billion and the per-unit price marked a hefty 47.4% increase over last year\u2019s first nine months, reaching $371,713.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1362-MatrixMultifamilySanDiegoReport-Fall2021\"><strong>Matrix Multifamily San Diego Report-Fall 2021<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Diego&#8217;s Strong Demand Boosts Occupancy The pandemic\u2019s impact on San Diego\u2019s multifamily market was less severe than the effect on other coastal cities. Rents rose 1.8% on a trailing three-month (T3) basis through September, to an overall average of $2,260. Furthermore, the occupancy rate in stabilized properties increased by a substantial 160 basis points [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5],"tags":[221,460],"class_list":["post-2445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","tag-multifamily-outlook-2021","tag-san-diego"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Diego Multifamily Market Report - Fall 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Multifamily Market Report - Fall 2021\" \/>\n<meta property=\"og:description\" content=\"San Diego&#8217;s Strong Demand Boosts Occupancy The pandemic\u2019s impact on San Diego\u2019s multifamily market was less severe than the effect on other coastal cities. Rents rose 1.8% on a trailing three-month (T3) basis through September, to an overall average of $2,260. Furthermore, the occupancy rate in stabilized properties increased by a substantial 160 basis points [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-22T12:28:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T11:12:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/11\/San-Diego-iStock-1307959403.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"San Diego Multifamily Market Report - Fall 2021 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-fall-2021\/","og_locale":"en_US","og_type":"article","og_title":"San Diego Multifamily Market Report - Fall 2021","og_description":"San Diego&#8217;s Strong Demand Boosts Occupancy The pandemic\u2019s impact on San Diego\u2019s multifamily market was less severe than the effect on other coastal cities. Rents rose 1.8% on a trailing three-month (T3) basis through September, to an overall average of $2,260. 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