Following a strong second half of last year, San Diego ranks as one of the nation’s tightest rental markets. From July to December, more than 4,300 units were absorbed in the metro, placing year-end unit availability at its lowest point since 2003, according to a Marcus & Millichap report.

And driven by the professional and business services sector, 52,500 positions were added during the six-month span. Vaccination efforts and the county’s downward-trending coronavirus case rate have the potential to restore indoor business operations and bolster tourism in the near term. These occurrences would further boost hiring in the leisure and hospitality sector, which comprises workers with a high propensity to rent.

In turn, there is a high propensity to acquire. A recent example is Sunshine Gardens, a 32-unit apartment property located at 311 Linda Way in El Cajon, which recently sold for $9.55 million. The property was built in 1968 and extensively renovated in 2019.

The buyer was an affiliate of Southwest Equity Partners, which was self-represented.

Christopher J. Zorbas of Marcus & Millichap’s San Diego office had the exclusive listing to market the property on behalf of the seller, MC Investment Partners.