SAN DIEGO, CA-The San Diego apartment market continues to hold its own as one of the hottest multifamily markets in California. One of the latest reports on the region says the area experienced net move-ins at 1,040 units in the second quarter of 2002.
The report, published by Hendricks & Partners, points out that the figure marks a significant change from the same period last year, when the number of net move-ins was recorded as 133 units. It goes on to say that the region remains in the top ten for the lowest vacancy rates of the US metro apartment markets for the second quarter. However, the overall vacancy rate has risen slightly from 3.1% in the second quarter of last year to 3.9% in the same period this year.
Rents continue to grow steadily, as Hendricks & Partners reports a 4.6% jump in the average market rent from $1,056 to $1,105 over the one-year period ending June 2002. “The I-15 Corridor submarket maintained the largest annual average rent growth descent from 11.8% to 1.0%, while the South Bay submarket continued to excel with 9.9% growth over the last year,” the report adds.