San Diego Rents: Slow but Steady

SAN DIEGO UNION-TRIBUNE:

With slight drops in both vacancies and monthly rates, the local rental market is sluggish but stable, the San Diego County Apartment Association reported in its twice-yearly survey of landlords and apartment managers.

The average rent for all unit types countywide was $1,188, a slight decrease from the $1,201 reported in the spring survey, but a year-over-year increase of 1.7 percent.

The countywide vacancy rate on all unit types was 3.6 percent, a decrease of 1.2 percent from the spring survey and an increase of 0.2 percent year over year.

“Last spring we saw an increase in vacancies due to an increase in the supply of foreclosed homes being rented,” said Robert Pinnegar, the association's executive director. “Now it appears that those units are being absorbed and vacancy rates are returning to where they were a year ago.”

The report echoed findings released in October by the RealFacts research firm. That survey, which focused on large complexes of 100 or more units, found that rental and vacancy rates were essentially flat during the third quarter.

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