San Diego Vacancy Rate Increases, Rental Prices Decrease According to Annual Survey

The Southern California Rental Housing Association has released its Annual Vacancy and Rental Rate Survey, revealing a significant increase in the availability of rental units and a notable decrease in rents in San Diego County compared to last year.

According to the survey conducted in Spring 2024, the vacancy rate in San Diego County climbed to 6.36%, up from 3.9% in the previous year. The city of San Diego also experienced a rise in its vacancy rate to 4.22%, compared to 2.64% in Spring 2023.

The increase in vacancies can be attributed to the addition of new properties to the market and higher than usual vacancy rates in older properties. As a result, the average rent in San Diego County dropped from $2,338 in 2023 to $2,170 in 2024, a decrease of slightly over 7%. In the city of San Diego, the average rent fell from $2,266 to $2,189 during the same period, a decline of over 3%.

Alan Pentico, the executive director of the SCRHA, stated, “The 2024 Annual Survey indicates what industry members have been experiencing: higher vacancies and lower asking rents. While we still face a housing shortage in California, this change in the local market is good news for renters.”

The data for the survey were collected through responses from around 6,000 San Diego County rental property owners and managers, representing approximately 11,400 units. The association has been tracking rental and vacancy rate data in the San Diego Region since the 1950s.

This shift in the rental market in San Diego County is a positive development for renters, as the increased availability of rental units has led to a decrease in rental prices. Stay tuned for more updates on the housing market in Southern California.