Tuesday, June 4, 2013
San Diego's improving labor market is helping keep the region's apartment marketplace stable.
SAN DIEGO Rents increased during the winter in San Diego's rental market, but not by much.
The typical two-bedroom apartment is renting for about $1,428 this spring. That's up nearly $120 from the average rent one year ago.
The San Diego County Apartment Association takes the pulse of the rental market every six months. Association President Alan Pentico said apartment rents have climbed back to where they were before the economy collapsed in 2007.
"We follow job growth. As people get jobs, they can afford to move out of their parent's home or if they doubled up, they can go back to living on their own," Pentico said. "And that's what we're starting to see in this survey."
The vacancy rate held steady at 4.5 percent, according to Pentico. He said a market with a vacancy rate of 5 percent is considered in balance.
Pentico predicted the rising rents and low vacancy rate will likely encourage the construction of more multi-family housing in the coming year.