News · kpbs.org
San Diego rents declined more than 19 of 20 top US markets after surge in supply
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San Diego rents have gone down since this time last year, according to a new report by Zumper, a rental platform that tracks rental data nationwide.
Key facts
- The median rent for a 1- and 2-bedroom apartment in San Diego declined by 5.6% and 7.5%, respectively
- Nationally, median 1-bedroom rents were down 1.4% and 2-bedroom rents were down 1.3% since last year
- San Diego sits at the 11th most expensive rental market in the nation, according to the report, with the median rent for a 1-bedroom at $2,200
- Of the top 20 most expensive rental markets, only New Haven, Conn., saw a sharper decline in 1-bedroom rents
Summary
The median rent for a 1- and 2-bedroom apartment in San Diego declined by 5.6% and 7.5%, respectively. The report found that there was about a 15% increase in active listings in San Diego over that timeframe, according to Crystal Chen from Zumper. “Generally speaking, the more supply there is, the less the prices will continue to increase,” Zack Defazio-Farell from the housing advocacy group YIMBY Democrats of San Diego said. Of the top 20 most expensive rental markets, only New Haven, Conn., saw a sharper decline in 1-bedroom rents.