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San Diego multifamily rents and home prices reach historic highs; show no signs of slowing down

  • Average home prices have seen relentless growth since the housing bust, increasing 88 percent since 2009. With San Diego housing restraints on supply, expect to see home prices continue to climb and multifamily being the solution for more affordable housing options. ​
  • Rising home prices since 2009 are connected to the 31 percent growth in apartment rents to reach its current all-time high. Renter demand will continue to be high because of the dearth of product in the market.
  • Demand is currently outpacing supply by a large margin in the San Diego single family and multifamily markets. There are only 1.8 months of supply currently available in the San Diego housing market; a stable market averages about six months of supply. 
  • Only 2,800 units are forecast to be delivered for all of 2017, well below the demand for 3,200 units, leaving room for further rent growth. Multifamily asking rents are averaging $1,699/month throughout San Diego County, up 4.7 percent over the past year. ​

Sources: JLL Research, Sandicor, CoStar

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