San Diego Rent Report: Summer 2024
Welcome to the Rancho Coastal Properties, Inc. Summer 2024 Rent Report for San Diego County. Currently, the overall median rent in the city stands at $2,321, after rising 0.6% last month. Prices remain down 2.9% year-over-year. Read on to learn more about what’s been happening in the San Diego rental market and how it compares to trends throughout the broader San Diego metro area and the nation as a whole.
San Diego rents are up 0.6% month-over-month and down 2.9% year-over-year
The median rent in San Diego rose by 0.6% over the course of May, and has now decreased by a total of 2.9% over the past 12 months. San Diego’s rent growth over the past year has fallen behind both the state (-0.9%) and national averages (-0.8%).
San Diego rent growth in 2024 pacing below last year
Five months into the year, rents in San Diego have risen 2.0%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 3.0%.
May rent growth in San Diego ranked #50 among large U.S. cities
San Diego rents went up 0.6% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #50. Similar monthly rent growth took place in Seattle, WA (0.6%) and Mesa, AZ (0.5%).
San Diego is the #11 most expensive large city in the U.S., with a median rent of $2,321
Citywide, the median rent currently stands at $1,978 for a 1-bedroom apartment. $2,479 for a 2-bedroom. $3,319 for a 3-bedroom and $3,964 for a 4-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,321. That ranks #11 in the nation, among the country's 100 largest cities. Of course, these rents are county averages and vary considerably depending on location. North County rents are almost double the above median.
For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom, and $1,404 overall. The median rent in San Diego is 65.3% higher than the national, and is similar to the prices you would find in Jersey City, NJ ($2,339) and Anaheim, CA ($2,270).
San Diego rents are 1.3% higher than the metro-wide median
If we expand our view to the wider San Diego metro area, the median rent is $2,290 meaning that the median price in San Diego proper ($2,321) is 1.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.3%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 8 cities in the San Diego metro area that are included in our database. Among them, Oceanside is currently the most expensive, with a median rent of $2,425. El Cajon is the metro’s most affordable city, with a median rent of $1,676. The metro's fastest annual rent growth is occurring in Escondido (0.9%) while the slowest is in San Diego (-2.9%).
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1. Determine Your Short and Long-Term Goals: We’ll help you clarify your investment objectives,1031 or 721 Exchanges, and the BRRRR Strategy.
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• Renovation
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Best regards,
Michael Daniels, Broker/Owner
Cell/text (760) 822-1528
Rancho Coastal Properties, Inc.
Cal DRE#01112089, #01836634