San Diego's Apartment Vacancy Rate Falls
It is getting tougher to find a vacant apartment for rent in San Diego.
The San Diego County Apartment Association said only 2.3 percent of the region's approximately 400,000 rental units were vacant this fall. That's well below last year's vacancy rate of 4.1 percent.
Association president Alan Pentico said the region's economic recovery is partially responsible.
"Vacancies are shrinking, which is a good sign. That means jobs are coming back," Pentico said. "Our industry is very much tied to the jobs index. People have jobs and they can afford to rent. When they don't have jobs they move back in with mom and dad."
Pentico said the average monthly rent of $1,321 was only up $10 from a year ago.
Rental units are popular in San Diego because of the high cost of living, according to Pentico.
"A lot of people are gun-shy about taking on large debt, particularly in areas like San Diego and those areas where it is expensive to live," Pentico said.