San Diego Is Ready for More Modern Housing

San Diego is ready for more modern housing. The market is seeing particularly high demand for multifamily housing options that have access to lifestyle amenities, like restaurants and entertainment. The proof lies in the incredible success of new developments, like Greystar’s Park 12, which specifically sought to bring highly amenitized housing to the San Diego market. The property—which delivered the first building in July and will be complete early this year—is in the East Village neighborhood of Downtown San Diego.

“Demand is high in San Diego for multifamily housing that offers immediate access to shops, restaurants and more, in addition to variety of onsite amenities that cater to residents’ every need,” Jerry Brand, senior managing director of West Coast-based development company Greystar, tells GlobeSt.com. “Currently, the market is 96% occupied, with demand continuing to exceed supply. Park 12 is helping to meet that demand by offering units suited for a variety of renters—from millennials to baby boomers.”

With several new communities coming online in the market, Brand admits that there will be pressure on demand; however, he has been happy with the reception of the Park 12 project. “The high-end of market is being tested, but to-date, most projects surveyed in the downtown market are achieving absorption at around 25 per month,” he explains. “Projects, which aren’t seeing this absorption, in many cases – have an inferior location or issues with management. The fundaments for ensuring high demand remain the same: location, product and management.”