{"id":6130,"date":"2023-07-21T04:42:35","date_gmt":"2023-07-21T04:42:35","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6130"},"modified":"2023-09-12T15:45:06","modified_gmt":"2023-09-12T15:45:06","slug":"san-diego-multifamily-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-june-2023\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 June 2023"},"content":{"rendered":"<h2>Rents Rebound In Leasing Season<\/h2>\n<p>San Diego multifamily fundamentals began moderating in the fourth quarter of 2022, compared to earlier months, but the metro <a href=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2023\/\"><strong>rebounded at the start of the spring leasing season<\/strong><\/a>, with rates improving 0.5%, on a T3 basis as of April, 30 basis points above the national rate. However, occupancy in stabilized assets declined 80 basis points year-over-year, to 96.8%, as of March.<\/p>\n<p><iframe id=\"datawrapper-chart-u2fmL\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/u2fmL\/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>Although San Diego\u2019s economy is outperforming the nation, the metro still has its highs and lows. San Diego gained 59,900 positions, up 4.1% year-over-year and outpacing the national rate by 70 basis points. Unemployment reached 3.7% as of January, surpassing the state, while still trailing national trends. Job gains were led by the leisure and hospitality sector, which added 20,200 positions in the 12 months ending in February. Biotech layoffs are expected to continue, as the industry\u2019s downturn persists, but the sector remains a cornerstone for the local economy.<\/p>\n<p><iframe id=\"datawrapper-chart-CRCuA\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/CRCuA\/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>San Diego\u2019s already limited multifamily pipeline shrank, as developers broke ground on only 389 units year-to-date. Central San Diego remained the most active submarket for construction, with 2,509 units underway. Holland Partner Group\u2019s 840-unit The Society in the Kearny Mesa submarket was the metro\u2019s largest project underway as of April 2023. A total of $178 million in assets traded in the first four months the year, well below recent comparable periods.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4066-MatrixMultifamilySanDiegoReport-June2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily San Diego Report-June 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents Rebound In Leasing Season San Diego multifamily fundamentals began moderating in the fourth quarter of 2022, compared to earlier months, but the metro rebounded at the start of the spring leasing season, with rates improving 0.5%, on a T3 basis as of April, 30 basis points above the national rate. However, occupancy in stabilized [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6131,"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-6130","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 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Following a three-month decline, San Diego rents increased 0.5% on a T3 basis in April, outpacing national growth by 30 basis points.\" \/>\n<meta name=\"robots\" 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