When searching for a new place to call home, it’s important to know what’s happening with rent prices in your city. As peak renting season begins, Apartment List analyzed rent growth rates from 2015 to 2018 in a new research report to see which cities have seen the biggest changes. This article will look at trends in San Diego rents.
Apartment List’s estimates show that annual rent growth rates at the national level have been trending downward for the past few years. Note, however, that although rent growth has slowed, it remains in positive territory. Rents are still increasing, just at a slower pace. This year’s modest growth rate of 1.5 percent is lagging both wage growth (2.7 percent) and overall inflation (2.5 percent). This is a welcome sign of relief for renters, many of whom are still struggling with affordability.
San Diego’s rent growth has been consistently trending downward the past four years. Of the 25 largest cities in the country, San Diego currently ranks #7 for year-over-year rent growth at 1.8%. For comparison, San Diego ranked #8 in 2017, #4 in 2016 and #7 in 2015, with year-over-year growth rates of 3.3%, 5.3%, and 5.8%, respectively. Below is a chart demonstrating the deceleration of rent growth.
Although rent growth is slowing down, rent prices are still increasing. Currently, median rents in San Diego stand at $1,550 for a one-bedroom apartment and $2,020 for a two-bedroom. San Diego’s year-over-year rent growth lags the state average of 2.2%, but exceeds the national average of 1.5%.
For more information and analysis on trends for San Diego rents, check out the San Diego rent report.
This post was written by Apartment List. Apartment List is a free service that helps you find the perfect apartment.