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Finding Out Where Millennials, Rents and Breweries Meet
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Millennials are the largest generation group in San Diego, representing 31.1% of the total population. Based on this calculation, San Diego ranks as the second highest concentration of millennials in the U.S. compared to the total population living in the metro area, according to research by Cushman & Wakefield.
Cushman & Wakefield’s Jolanta Campion says, “What was very interesting about the findings in our report was that 56% of the 3.4 million people living in San Diego are 39 years or younger. The Millennial population has and will continue to affect how we use commercial real estate, namely office space, with sub-product types such as creative office and coworking—which combine for a total of four million square feet of space countywide—leading the way.”
Other key report findings:
– San Diego’s population grew by 0.7% between 2016 and 2017, slightly below the 15-year annual average growth rate of 0.9%
– Apartment rental rates are at an all-time high, particularly affecting Millennials and young workers. The average monthly rental rate countywide was $1,887 as of March, 2018 compared to $1,748 a year ago (y/y +8%) and $1,618 (y/y +17%)
– Single-family home prices have increased by 6% year-over-year. According to the San Diego Association of Realtors, the median home price for a detached home was $650,000 in May 2018
– San Diego has one of the highest concentrations of breweries in the country. There are 38.4 breweries per capita in San Diego compared to 16.7 per capita nationwide
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