San Diego Housing Vacancy Rate Drops - NBC 7 San Diego

San Diego Housing Vacancy Rate Drops

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    NEWSLETTERS

    Chargers Make Unexpected Kicking Change
    NBC 7 San Diego

    Housing isn’t as easy to come by in San Diego then it was this past spring.

    The vacancy rate across San Diego County stands at 2.6 percent, a significant decline from the 4.1 vacancy rate this spring, according to the San Diego County Apartment Association (SDCAA)’s recent survey.

    But no need to be alarmed, local experts say, because the current vacancy rate is much more in line with the trends of the spring and fall of the previous year.

    “The latest numbers suggest the slight rise in the vacancy rate that we saw earlier this year was caused by temporary factors, not a fundamental change,” SDCCA executive director Alan Pentico said in a news release.

    Pentico credited the brief jump to new multifamily housing construction projects in the works.

    Looking at the county as a whole, the vacancy rate is the highest in the city of San Diego, at 2.8 percent, and the lowest in East County and North County, at 2.4 percent.

    The survey also found that the average rent for a studio apartment was $1,046, $1,327 for a one bedroom, $1,634 for a two bedroom and $1,887 for unities with three or more bedrooms.

    “As the local economy continues to improve and jobless rates decline, the demand also grows for non-roommate living situations, which may explain the rise in rents for studio units,” Pentico said in the news release.