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Apartment Market Still Tops

SAN DIEGO-Although experiencing a slight uptick in vacancy levels, the San Diego County multifamily sector continues to be one of the strongest apartment markets in the country, according to new research on the region.

By Erin Cassin | Updated on November 18, 2003

SAN DIEGO-With employment rates on the rise and housing affordability on the decline, the San Diego County multifamily sector continues to be one of the strongest apartment markets in the country, according to a new report on the region published by Marcus & Millichap Real Estate Investment Brokerage Co.

“High home prices and a recovering local economy will keep the San Diego apartment market among the best in the nation in 2004,” says Kent R. Williams, a Marcus & Millichap vice president and regional manager of the firm’s San Diego office.

As Marcus & Millichap’s findings point out, San Diego employment is forecast to rise by 0.3% in 2003 and then experience an “accelerated growth” of 2.4% in 2004. The report goes on to say that the manufacturing, information and service sectors are all expected to pick up steam in the next year. The creation of additional service-level jobs, in particular, will play an important role in the next year, as it will promote the growth of the 20- to 24-year-old age group in the region. “In 2004, this age cohort is expected to expand by 2.8%, which will keep the local apartment market tight over the next year,” say Marcus & Millichap’s researchers.

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