{"id":8107,"date":"2024-07-26T13:27:00","date_gmt":"2024-07-26T13:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8107"},"modified":"2024-12-04T13:34:39","modified_gmt":"2024-12-04T13:34:39","slug":"san-diego-multifamily-market-report-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-june-2024\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 June 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 Improves As Fundamentals Slow<\/h2>\n<p>After five months of contractions, San Diego\u2019s rents returned to positive territory, improving 0.2% on a trailing three-month basis through April, but slightly lagging the nation\u2019s 0.3%, according to the latest San Diego multifamily market report. Year-over-year growth clocked in at 0.4%, to $2,705, behind the 0.7% U.S. rate, as noted in the <strong><a href=\"\/blog\/national-multifamily-market-report\/\">national multifamily market report<\/a><\/strong>. In line with national trends, occupancy for stabilized assets dropped 80 basis points, to 96.1% as of March, but remained above the nation\u2019s 94.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-iu7se\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/iu7se\/1\/\" height=\"321\" 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 Southern California metro\u2019s economy is showing some signs of improvement, but progress is modest. Unemployment improved 40 basis points since February, to 4.4% as of March, according to preliminary data from the Bureau of Labor Statistics. This was higher than the 3.8% national rate, but below California\u2019s 5.3% figure. Job expansion over the 12 months ending in February stood at 0.9%, amounting to a net gain of 13,600 positions. Education and health services led growth, with 15,000 jobs gained (up 6.3%). A few sectors recorded losses, including professional and business services (-8,900) and manufacturing (-3,200). Multifamily development remained sluggish at best, with only 126 units coming online during the first four months of the year.<\/p>\n<p><iframe id=\"datawrapper-chart-Rc6Yw\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Rc6Yw\/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>During this period, construction began on a single 192-unit property, indicating that developers are prepared to wait for more favorable conditions. Investment paints a similar picture, as only $198 million in deals closed through April.<\/p>\n<p>Read the full Yardi Matrix San Diego Multifamily Market Report: <a href=\"\/publications\/download\/file\/5797-MatrixMultifamilySanDiegoReport-June2024\"><strong>June 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Improves As Fundamentals Slow After five months of contractions, San Diego\u2019s rents returned to positive territory, improving 0.2% on a trailing three-month basis through April, but slightly lagging the nation\u2019s 0.3%, according to the latest San Diego multifamily market report. Year-over-year growth clocked in at 0.4%, to $2,705, behind the 0.7% U.S. rate, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7629,"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-8107","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 June 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Diego\u2019s T3 advertised rents returned to positive territory, rising 0.2% through April after five months of flat to negative growth.\" \/>\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-june-2024\/\" \/>\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 June 2024\" \/>\n<meta property=\"og:description\" content=\"San Diego\u2019s T3 advertised rents returned to positive territory, rising 0.2% through April after five months of flat to negative growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-june-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-26T13:27:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T13:34:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/San-Diego-iStock-2155541661.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\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 June 2024 - 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