With rent growth flattened and increased vacancy, generous landlord concessions increasingly are common in San Diego's multifamily market.
The average rent in the county at the beginning of September was $2,491 a month, with annual growth flat at 0.5%, according to CoStar data. The countywide vacancy rate has hit 5.2%, the highest level since the beginning of the pandemic in Q1 2020.
This plateau has followed an unprecedented surge in multifamily rent growth in the region during the pandemic—average rents rose 13% in 2022, the equivalent of three years of normal growth in 12 months.
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