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No End in Sight to San Diego’s Run of Strong Apartment Demand

Demand for San Diego apartments remains elevated during the 􀀀rst quarter, relative to recent history. Through the middle of February, demand — as measured by change in occupancy — is already approaching average levels recorded between 2017 and 2020.

The pace of net absorption — the difference between move-ins and move-outs — has cooled off from the torrid second half of 2020, when demand reached its highest level on record. The 1st quarter of 2021 is on pace to beat nearly every 1st quarter in the past decade. January demand alone doubled the average single-month levels for January, going back to 2017.

The strength of recent demand for the San Diego multifamily market has led to the overall vacancy rate falling to the lowest level in 􀀀ve years, at 4.1%. That’s down more than 1% over the past year.

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