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Newmarq Report: San Diego's Multifamily Sector Finishes Strong in 2022

Report: San Diego’s Multifamily Sector Finishes Strong in 2022

Despite a vacancy rate that ticked-up in the fourth quarter of 2022 to 3.5%, a new report from Northmarq indicates the multifamily market in San Diego finished the year solidly, posting a 1.8% rise in rents to $2,327 per month in Q4.  The research also shows that on a year-over-year basis, San Diego asking rents jumped 8% from 2021. 

Developments in the region tapered-off in the fourth quarter, but remain stable compared to previous years. There are currently 4,600 units under construction with Downtown San Diego and Balboa Park the most active submarkets.

On the investment side, multifamily deal volume in the fourth quarter doubled compared to Q3, although total transaction volume in 2022 fell 28% compared to a year earlier. Pricing, however, increased 12% year-over-year, with a median price of $358,900 per unit. Northmarq expects good things to continue, forecasting San Diego to be one of the strongest multifamily markets in the country in 2023.


Inside The Story


About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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