{"id":5318,"date":"2022-12-21T12:05:39","date_gmt":"2022-12-21T12:05:39","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5318"},"modified":"2023-09-13T04:44:45","modified_gmt":"2023-09-13T04:44:45","slug":"san-diego-multifamily-market-report-november-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-november-2022\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 November 2022"},"content":{"rendered":"<h2>San Diego\u2019s Timely Surge<\/h2>\n<p>In line with nationwide trends, San Diego multifamily is <strong>returning to more sustainable levels of growth<\/strong> after an unprecedented bull run <a href=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-housing-market-trends-june-2022\/\"><strong>that lasted about a year-and-a-half<\/strong><\/a>. The average San Diego rate was up just 30 basis points on a trailing three-month basis as of September, exactly 12 months after the figure hit a 2.2% high. On a year-over-year basis, San Diego rents were up 14.5%, still outpacing the 9.4% national figure. And while the occupancy rate in stabilized assets dropped 30 basis points in a year, it remained high, at 97.6% as of August.<\/p>\n<p>Metro San Diego <strong>recovered most of the jobs lost during the early stages of the pandemic<\/strong>, just 15,000 positions short of the figure recorded in early 2020. Unemployment stood at a tight 3.4% as of August, down 130 basis points since the beginning of the year and outperforming the state\u2019s 4.1% rate. Leisure and hospitality, one of the area\u2019s main economic drivers, led job gains in the 12 months ending in July, adding 26,300 positions, as overall air travel and the number of overnight visitors inch closer to pre-pandemic values.<\/p>\n<p>A total of 2,472 apartments were delivered in San Diego during the first three quarters of 2022, with an additional 7,593 units under construction as of September. Meanwhile, $1.4 billion in assets traded across the metro at a per-unit price of $394,036, <strong>significantly above both the national average <\/strong>and the figure recorded during the same time frame last year.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3079-MatrixMultifamilySanDiegoReport-November2022\"><strong>Matrix Multifamily San Diego Report-November 2022<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>San Diego\u2019s Timely Surge In line with nationwide trends, San Diego multifamily is returning to more sustainable levels of growth after an unprecedented bull run that lasted about a year-and-a-half. The average San Diego rate was up just 30 basis points on a trailing three-month basis as of September, exactly 12 months after the figure [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,460],"class_list":["post-5318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 \u2013 November 2022 - 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-november-2022\/\" \/>\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 \u2013 November 2022\" \/>\n<meta property=\"og:description\" content=\"San Diego\u2019s Timely Surge In line with nationwide trends, San Diego multifamily is returning to more sustainable levels of growth after an unprecedented bull run that lasted about a year-and-a-half. The average San Diego rate was up just 30 basis points on a trailing three-month basis as of September, exactly 12 months after the figure [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-november-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-21T12:05:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T04:44:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/12\/San-Diego-iStock-1436682481.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=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bogdan Odagescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"San Diego Multifamily Market Report \u2013 November 2022 - 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-november-2022\/","og_locale":"en_US","og_type":"article","og_title":"San Diego Multifamily Market Report \u2013 November 2022","og_description":"San Diego\u2019s Timely Surge In line with nationwide trends, San Diego multifamily is returning to more sustainable levels of growth after an unprecedented bull run that lasted about a year-and-a-half. The average San Diego rate was up just 30 basis points on a trailing three-month basis as of September, exactly 12 months after the figure [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-november-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-12-21T12:05:39+00:00","article_modified_time":"2023-09-13T04:44:45+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/12\/San-Diego-iStock-1436682481.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bogdan Odagescu","Est. reading time":"2 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