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San Diego Apartment Rents Fall During October

San Diego’s historic run of positive multifamily rent growth came to an ignominious end in October, after apartment rents fell 0.5% during the month.

That was the first month-over-month decline in asking rents since April 2020, when rents fell at a similar pace, according to CoStar’s daily asking rent series, which is powered by thousands of daily rental observations from and CoStar’s other multifamily marketing platforms, providing deep insight into rent performance.

Even so, rents have grown at a blistering pace in the San Diego apartment market over the past 12 months, rising 12.3%, and just below the peak from the end of the third quarter of 12.9%. That came after the previous six months each recorded rent growth above 1%, peaking at 2.5% during July.

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