In a recent study, Ocean Beach and Point Loma join other communities around the County that are forecast to have the highest rental increases over the next year. The Peninsula also has a 2% vacancy rate, the study showed.
El Cajon, Santee, and Lakeside join the Peninsula neighborhoods that are named by the Casden forecast for the County to have rental increases the most at a 2.9 percent rental increase from this year to next.
The USC Lusk Center for Real Estate just released its Casden Real Estate Economics forecast for multifamily units, and reported that for larger complexes of 15 to 20 units, San Diego’s vacancy rate had fallen overall to “an almost absurd 2.3 percent” in the second quarter.
The study looked at 15 submarkets and analyzed that rents had increased in all of them, with the highest occurring in the Mira Mesa-Rancho Bernardo area – a 3.5 percent rise to $1,637, while the community between Hillcrest and Normal Heights had the least rent increase, up 1.8 percent to $1,081.
It also found that vacancy rates went from 12.7 % in the area between Clairemont and Mission Valley to 0.9 percent in the Mission Beach-Pacific Beach area.
In the Point Loma and OB areas, there are 3,637 apartments. There is currently a 2.00% vacancy rate, and a 2.70% change over the last year – with a rental rate of $1375. For comparison, there are nearly 1600 units in the Mission Beach and PB areas, there is a .9% vacancy rate and a rental rate of $1600.
Interestingly, the area up in Carlsbad and Del Mar has 11,591 units, a vacancy rate of 6.4%, a rental rate of $1604. Overall, the County has nearly 182,000 units, a vacancy rate of 2.3% and a rental rate of $1388.
For more, go to U-T San Diego.