{"id":7626,"date":"2024-03-08T10:00:00","date_gmt":"2024-03-08T10:00:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7626"},"modified":"2024-07-29T11:07:24","modified_gmt":"2024-07-29T11:07:24","slug":"san-diego-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2024\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 February 2024"},"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>Rent Growth Slows, New Starts Hold<\/h2>\n<p>As economic turmoil cleared slightly toward the second half of last year, San Diego rents were already feeling seasonal downward pressure. Rates contracted 0.3% on a trailing three-month basis through December\u2014on par with the U.S., as noted in the <strong><a href=\"\/blog\/national-multifamily-market-report\/\">national multifamily market report<\/a><\/strong>\u2014to an average of $2,709. Year-over-year, San Diego fared better than many other major markets in 2023, with rents up 1.4%, 110 basis points above the national figure.<\/p>\n<p><iframe id=\"datawrapper-chart-Z3nYG\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Z3nYG\/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>Unemployment reached 4.2% as of November 2023, up 50 basis points since the start of the year. This was the metro\u2019s highest rate since January 2022, as the high cost of capital slowed the pace of business. Still, San Diego was on better footing than California, which clocked in at 4.9%. In the 12 months ending in October, San Diego added 26,500 net jobs, a 2.2% expansion. After outpacing the national rate for the first nine months of the year, the trend shifted as 2024 drew closer. The metro\u2019s top performers were leisure and hospitality (11,100 jobs) and education and health services (10,100 jobs), while professional and business services lost 3,800 positions.<\/p>\n<p><iframe id=\"datawrapper-chart-lQ7pa\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/lQ7pa\/1\/\" height=\"423\" 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 added 2,925 units to its inventory in 2023, which represented 1.5% of total stock, 90 basis points behind the nation. This was in line with the overall trend, but San Diego stood out in one category\u20144,907 units broke ground in 2023, almost 700 apartments more than 2022\u2019s total.<\/p>\n<p>Read the full Yardi Matrix San Diego Multifamily Market Report: <a href=\"\/publications\/download\/file\/5078-MatrixMultifamilySanDiegoReport-February2024\"><strong>February 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Slows, New Starts Hold As economic turmoil cleared slightly toward the second half of last year, San Diego rents were already feeling seasonal downward pressure. Rates contracted 0.3% on a trailing three-month basis through December\u2014on par with the U.S., as noted in the national multifamily market report\u2014to an average of $2,709. Year-over-year, San [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,460],"class_list":["post-7626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Diego\u2019s rent growth stayed positive YoY in December, at 1.4%, while the national average contracted, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" 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