Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Burnham Real Estate Services is reporting that the county’s apartment market posted the highest number of sales closings in the first quarter since the beginning of 1990.

Some 263 transactions involving a total of 3,952 units closed in the first quarter, up 15.9% from a year ago, according to the report. Only three of the deals involved projects of 100 units or more, and investor demand appears to be driving the large number of transactions, according to Burnham.

Selling prices are generally higher so far this year compared with 2000. With no easing in sight for the tight market, rents are likely to continue to rise, according to the report.

The county’s average apartment vacancy rate has edged up slightly to 2% since last fall, according to a separate report by the San Diego County Apartment Association. The tight rental market and skyrocketing single-family home prices have prompted the association and regional groups to warn that lack of affordable housing could derail the county’s economy.

While construction of new apartments declined, condominium construction is up, with several projects coming on line or under construction in the Downtown area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.