Apartment Rental Vacancy Rate DROPS in the San Diego County
San Diego, California – According to RentalTrends publications, after posting a 4.54 percent vacancy rate last audit, the overall apartment rental rate in San Diego County fell to 2.58 percent in this Septembers’ audit.
On the heels of San Diego County’s largest six-month increase in vacancy rate since 1995 last audit, the region’s institutional grade rental complexes responded with the largest six-month vacancy rate decrease since September of 2003. “Part of the reason for this, is the relatively small number of newly available units (391) to the rental market in contrast to the large number introduced in the previous audit,” said Robert Martinez, Director of Research for MarketPointe Realty Advisors, the real estate database and consulting organization that publishes RentalTrends. With considerably fewer new options available in the marketplace, the new units introduced last audit moved closer to full occupancy. The five new projects introduced to the region last audit increased their lease rates from 49 percent last audit to nearly 90 percent leased this audit. Also a factor in the vacancy rate decline is the current status of the for-sale sector that has been negatively affected by increased foreclosures and the tightening of lending requirements. This has resulted in less demand for for-sale housing and increased demand for rental housing.
MarketPointe Realty Advisors RentalTrends is a semi-annual publication, and is consideredc the most comprehensive and detailed audit of apartment complexes throughout San Diego County, from an unbiased, yet knowledgeable source.
MarketPointe Realty Advisors provides new home, apartment rental, and proposed development information and real estate consulting services. The offices are located in San Diego and Orange County, with representation throughout California. For a complete overview on the San Diego Apartment Rental Market, contact 619-233-3781 for an Executive Summary. website is www.marketpointe.com.
- Contact Information
- Robert Martinez
- Director of Research
- MarketPointe Realty Advisors
- Contact via E-mail
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