The survey, conducted by RealFacts, the multifamily data specialists, included 432 apartment complexes and found that the average rent as of March 2002 was $1092, up from $1081 in December. That puts the county on pace for an annual increase of 4%. The average large complex in the San Diego MSA is 21 years old and has 213 units. Two-bedroom/two-bath units make up 40% of the total; one-bedroom/one bath units account for another 36%.

With occupancy still holding just above 95%, the apartment market in this area is holding up remarkably well. One reason may be that there tend to be more rent concessions in this area than in many other California MSAs, with landlords offering $100 to $200 off the asking rent to fill up vacant units quickly.

Apartments in class A luxury buildings have suffered more of an occupancy problem than buildings with more affordable rents. A spot check by RealFacts staff on apartment turnover suggests that some tenants paying high rents are opting for home ownership, and statistics regarding sales of single family homes indicate increased activity for both new and used homes.

Although there are still a large number of apartment units in the planning stages, actual construction appears to have slowed down. The Construction Industry Research Board¹s statistics show 6319 units built in 2001, compared to nearly 7000 the previous year.