San Diego County Sees Notable Yearly Decline in Monthly Rent: Survey Findings

Author: SANCO Development

Published: 2:00 PM PDT September 1 , 2024

Updated: 1:46 PM PDT August 30, 2024

In a surprising turn for San Diego's rental market, a recent survey revealed that the average rent in the county has dropped significantly over the past year. According to the Southern California Rental Housing Association's (SCRHA) Annual Vacancy and Rental Rate Survey, the average rent fell from $2,338 in 2023 to $2,170 in 2024—a decrease of slightly over 7%. This marks a notable shift in a market long characterized by rising costs and limited availability.

The survey, conducted each spring, highlighted a substantial increase in the county's vacancy rate, which climbed from 3.9% in 2023 to 6.36% in 2024. The city of San Diego also saw a rise in vacancies, with the rate increasing from 2.64% to 4.22% over the same period.

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

The increase in vacancies is largely attributed to the influx of new properties entering the market, combined with higher-than-usual vacancy rates in older buildings. As more homes become available, rent prices tend to decrease—a trend that has played out across the county.

The survey data were collected through responses from approximately 6,000 rental property owners and managers, representing about 11,400 units across San Diego County. Participants provided detailed information on rental rates, unit sizes, property age, location, and occupancy status, offering a comprehensive snapshot of the current state of the local rental market.

For renters in San Diego, this decrease in rent prices offers some much-needed relief amid a broader housing crisis. However, the long-term impact of these changes remains to be seen, particularly as the region continues to grapple with issues of housing affordability and availability.