{"id":9065,"date":"2025-03-12T09:31:00","date_gmt":"2025-03-12T09:31:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=9065"},"modified":"2025-07-15T09:39:21","modified_gmt":"2025-07-15T09:39:21","slug":"san-diego-multifamily-market-report-february-2025","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2025\/","title":{"rendered":"San Diego Multifamily Market Report \u2013 February 2025"},"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>Rents Tick Down, Construction Levels Off<\/h2>\n<p>San Diego ended 2024 with overall balanced fundamentals, with most metrics falling back to historic levels. In line with seasonal trends, average advertised asking rents in the metro were down 0.1% on a trailing three-month basis through December, to $2,744, according to the latest San Diego multifamily market report. Year-over-year, the rate was up 0.5%, 10 basis points below the national figure. Meanwhile, overall occupancy in stabilized assets remained healthy, down only 20 basis points year-over-year, to 96.1%, as of November. The rate was above the 94.7% U.S. average, as noted in the <strong><a href=\"\/blog\/national-multifamily-market-report\/\">national multifamily market report<\/a><\/strong>.<\/p>\n<p><iframe id=\"datawrapper-chart-6OFf6\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego vs. National Rent Growth   \" src=\"https:\/\/datawrapper.dwcdn.net\/6OFf6\/1\/\" height=\"329\" 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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>San Diego\u2019s unemployment rate was 4.6% in November last year, up 30 basis points year-over-year, according to preliminary data from the Bureau of Labor Statistics. The figure was above the 4.2% national rate, but significantly below California\u2019s 5.4%. In the 12 months ending in November, San Diego added 8,900 net jobs, with employment growth clocking in at 0.7%. Developers are still bullish on the metro\u2019s life science sector, with projects such as Alexandria Real Estate Equities\u2019 proposed 2.4 million-square-foot biotechnology campus on the horizon.<\/p>\n<p><iframe id=\"datawrapper-chart-MFXJG\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Diego Employment Share by Sector  \" src=\"https:\/\/datawrapper.dwcdn.net\/MFXJG\/1\/\" height=\"433\" 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,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}}))}();<br \/>\n<\/script><\/p>\n<p>Developers completed 4,610 units last year, just roughly 500 units short of 2023\u2019s total and about 600 units more than the annual average recorded since 2017. Activity leveled off from 2023\u2019s outsize performance, with the pipeline including 10,457 units under construction in December, as well as an additional 45,000 units in the planning and permitting stages.<\/p>\n<p>Read the full Yardi Matrix San Diego Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6933-MatrixMultifamilySanDiegoReport-February2025\"><strong>February 2025<\/strong><\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents Tick Down, Construction Levels Off San Diego ended 2024 with overall balanced fundamentals, with most metrics falling back to historic levels. In line with seasonal trends, average advertised asking rents in the metro were down 0.1% on a trailing three-month basis through December, to $2,744, according to the latest San Diego multifamily market report. [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[513,460],"class_list":["post-9065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2025","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 2025 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Diego advertised asking rents dipped 0.1 percent on a T3 basis through December, to $2,744, 10 bps ahead of the national figure.\" \/>\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-2025\/\" \/>\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 2025\" \/>\n<meta property=\"og:description\" content=\"San Diego advertised asking rents dipped 0.1 percent on a T3 basis through December, to $2,744, 10 bps ahead of the national figure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-diego-multifamily-market-report-february-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-12T09:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-15T09:39:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/12\/San-Diego-iStock-2195338058-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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 February 2025 - 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