2024 Vacancy & Rental Rate Survey
San Diego Region’s 2024 Annual Survey Records Major Increase in Vacancy Rates and Lower Rents
SAN DIEGO, CALIF. (July 25, 2024) – The Southern California Rental Housing Association (SCRHA) has released its Annual Vacancy and Rental Rate Survey, revealing significant changes in the San Diego regional rental market. The point-in-time survey, conducted each spring, highlights a substantial increase in the availability of rental units and a notable decrease in rents compared to last year.
The San Diego County vacancy rate surged to 6.36% in Spring 2024, up from 3.9% in Spring 2023. Within the region, the City of San Diego also experienced a rise in its vacancy rate to 4.22%, compared to 2.64% last year. The increase in vacancies can be attributed to the addition of new properties to the market and higher than usual vacancy rates in older properties.
Supply and demand are key factors in the housing market. When there are more homes on the market, rent prices tend to fall. True to form, the increased availability of rental units is reflected in the decline in rental rates. Throughout San Diego County, the average rent decreased from $2,338 in 2023 to $2,170 in 2024, a drop of slightly over 7%. In the City of San Diego, the average rent fell from $2,266 in Spring 2023 to $2,189 in Spring 2024, a decline of over 3%.
Alan Pentico, Executive Director of the SCRHA, stated, “The 2024 Annual Survey indicates what industry members have been experiencing: higher vacancies and lower asking rents. While we still face a housing shortage in California, this change in the local market is good news for renters.”
The vacancy and rent data were collected through surveys mailed to approximately 6,000 San Diego County rental property owners and managers in March 2024, with responses representing about 11,400 units. Participants provided information on rental rates, the number of bedrooms, square footage, property age, location, and occupancy status.
The SCRHA has been tracking rental and vacancy rate data in the San Diego Region since the 1950s. While data from the surveys vary based on responses and information provided, the SCRHA surveys remain a crucial resource for understanding trends in the rental housing market.