Rents in San Diego fell 0.4% in January, compared to a 0.3% decrease nationwide, according to an online listing service.
Year-over-year rent growth in San Diego has stalled, according to data compiled by ApartmentList.com, falling 2.3%. That’s after gains of 3.5% the year before.
However, since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 22%, making San Diego the 10th most expensive among the country’s 100 largest cities. Expenses for renters here are 65% higher than the national median price, the web site’s analysts estimated.
California markets, in fact, took up seven of the Top 10 spots for costly rent, with Chula Vista in the mix and Irvine topping the list.
The current median rent in San Diego is $1,932 for a one-bedroom unit and $2,421 for a two-bedroom unit. The citywide apartment vacancy rate stands at 5.9%, up 1.6% from this time last year.
The median rent in Chula Vista stands at $1,730 for a one-bedroom unit and $2,263 for a two-bedroom unit. For other cities in the region, it’s:
- Carlsbad – $1,853 for a one bedroom; $2,195 for a two bedroom
- La Mesa – $1,799 for a one bedroom; $2,156 for a two bedroom
- Oceanside – $1,916 for a one bedroom; $2,381 for a two bedroom
- Vista – $1,977 for a one bedroom; $2,215 for a two bedroom
The median rent across the nation as a whole is $1,207 for a one bedroom, $1,359 for a two bedroom, and $1,373 overall.
The national 0.3% rental price drop in January capped off a slow winter and fall in which rents fell for six consecutive months. Looking ahead to the rest of the year, the start of the moving season should provide a boost, according to ApartmentList.com, but strong supply growth is expected to keep rents from skyrocketing.
Meanwhile, the state average for rent slipped by 1.4%, and the national average by 1%.