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Record Quarter for Deliveries Met With Noteworthy
Demand Throughout Most of the County
Encouraging shift emerges. Apartment vacancy in San Diego County has risen 320 basis points since early 2022. On the surface, this is somewhat concerning; however, it should be noted that metro vacancy has held below the 5 percent threshold for 49-straight quarters. Moreover, the April-through-June stretch of 2024 may signal a shift in supply-demand dynamics. During the three-month span, 1,865 units were completed — the largest tally for any quarter on record — yet vacancy declined by 10 basis points, as renters absorbed a net of 2,100 apartments. This trend has the potential to continue in the third quarter, as what is historically considered the strongest period for local apartment leasing coincides with a moderation in supply additions that will extend through the second half.