Report Says Apartment Market Mostly Stable

SAN DIEGO-A March survey of apartment rents and occupancy in San Diego County finds rents have gone up by 1% since the end of 2001, while occupancy declined from 95.8% to 95.1%.

The survey, conducted by RealFacts, the multifamily data specialists, included 432 apartment complexes and found that the average rent as of March 2002 was $1092, up from $1081 in December. That puts the county on pace for an annual increase of 4%. The average large complex in the San Diego MSA is 21 years old and has 213 units. Two-bedroom/two-bath units make up 40% of the total; one-bedroom/one bath units account for another 36%.

With occupancy still holding just above 95%, the apartment market in this area is holding up remarkably well. One reason may be that there tend to be more rent concessions in this area than in many other California MSAs, with landlords offering $100 to $200 off the asking rent to fill up vacant units quickly.