{"id":5739,"date":"2023-03-16T11:51:00","date_gmt":"2023-03-16T11:51:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5739"},"modified":"2024-03-12T16:34:44","modified_gmt":"2024-03-12T16:34:44","slug":"san-diego-multifamily-market-report-february-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2023\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 February 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/san-diego-multifamily-market-report\/\">San Diego Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Market Stabilizes After Strong Growth Period<\/h2>\n<p>Toward the end of the year, <a href=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-november-2022\/\"><strong>San Diego\u2019s fundamentals began moderating<\/strong><\/a>, as the metro entered the winter season. After a strong first half of the year, rent growth ended 2022 with a 0.3% contraction on a trailing three-month (T3) basis through December, to an average of $2,658. Occupancy also followed this trend but remained elevated, with the rate dropping 60 basis points year-over-year, to 97.2%.<\/p>\n<p><iframe id=\"datawrapper-chart-Cied8\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Cied8\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The job market regained its footing, with San Diego unemployment falling to 3.3% as of November, according to preliminary data from the Bureau of Labor Statistics. The metro outperformed both the California and national rates, showing strong performance. In the 12 months ending in October, the workforce expanded by 4.4%, with 44,500 positions added. The long-delayed plan to redevelop 331 acres at San Diego\u2019s Brown Field Municipal Airport gained traction\u2014Industrial Realty Group entered a joint venture with Belzberg &amp; Co. for the Metropolitan Airpark project in the Otay Mesa submarket. The 20-year development is estimated to cost $1 billion and will include more than 1 million square feet of retail, industrial space and a hotel.<\/p>\n<p><iframe id=\"datawrapper-chart-kzmPM\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/kzmPM\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Completions totaled 2,862 units, representing a 1.4% expansion of stock\u201430 basis points lower than 2021\u2019s figure and 70 basis points lower than the U.S. rate. Sales totaled $2.3 billion in 2022, cooling off after the $3.8 billion cycle-peak of the previous year.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3498-MatrixMultifamilySanDiego-February2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily San Diego-February 2023<\/a><\/strong><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest Yardi Matrix San Diego Multifamily Market Report. Market Stabilizes After Strong Growth Period Toward the end of the year, San Diego\u2019s fundamentals began moderating, as the metro entered the winter season. After a strong first half of the year, rent growth ended 2022 with a 0.3% contraction on a trailing three-month (T3) [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,460],"class_list":["post-5739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 February 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Diego moved to a more stable growth pattern in 2022, ending the year with rents down 0.3% on a T3 basis, to $2,658, Yardi Matrix reports.\" \/>\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-february-2023\/\" \/>\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 February 2023\" \/>\n<meta property=\"og:description\" content=\"San Diego moved to a more stable growth pattern in 2022, ending the year with rents down 0.3% on a T3 basis, to $2,658, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T11:51:00+00:00\" 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