Navigating the rental market in San Diego? Here’s a quick overview of the latest trends for vacant rentals.
The San Diego rental market continues to be dynamic, with various factors influencing rent prices and availability. As of August 4th 2024, the median rent in San Diego stands at $3,150. This figure reflects a $50 increase from the last month, although it is $325 less than the median rent in August 2023. With 4,759 available rentals, the market remains active, offering numerous options for prospective tenants.
San Diego’s median rent is notably higher than the national median, by approximately 47%, emphasizing the city’s premium rental market. This significant difference highlights the demand and value associated with living in San Diego.
$3,150
Median Rent Price
+$50
Month-over-Month Change
-$325
Year-over-Year Change
4,759
Available Rentals On Zillow
+47%
Compared to National Average
Market Activity and Trends
San Diego’s rental market exhibits a diverse range of rental prices depending on the property type and size. Houses command a higher median rent of $4,550, while apartments have a median rent of $2,914. Townhouses fall in between, with a median rent of $3,895. The market activity shows a slight increase in rents for houses and apartments over the past month, while townhouse rents have seen a minor decrease.
Market Activity by Property Type (August 2024):
Townhouses: Median rent $3,895, decreased by $5 month-to-month, decreased by $305 compared to August 2023.
Houses: Median rent $4,550, increased by $50 month-to-month, decreased by $250 compared to August 2023.
Apartments: Median rent $2,914, decreased by $254 month-to-month, increased by $26 compared to August 2023.
Rent Trends by Size
Rental prices also vary significantly by the size of the property. For instance, the median rent for a studio apartment is $1,995, while a four-bedroom property averages $5,710. This variation reflects the diverse housing needs of San Diego’s residents and the corresponding market responses.
Rent Trends by Bedroom Size (August 2024):
- Studio: $1,995 (no change month-to-month, down $155 from 2023)
- 1 Bedroom: $2,400 (up $5 month-to-month, down $195 from 2023)
- 2 Bedrooms: $3,275 (up $64 month-to-month, down $223 from 2023)
- 3 Bedrooms: $4,400 (up $105 month-to-month, down $100 from 2023)
- 4+ Bedrooms: $5,710 (down $193 month-to-month, down $1,104 from 2023)
Aug 2024 Market Activity
Hot = Active Market Warm = Moderate Market Cold = Slow Market
San Diego
Spring Valley
National City
La Mesa
Santee
Lemon Grove
Conclusion
The San Diego rental market remains robust, with a variety of rental options catering to different needs and preferences. Despite some fluctuations in rent prices, the demand for quality rental properties in San Diego continues to be strong. By leveraging professional marketing strategies and maintaining an in-depth understanding of market trends, we ensure our clients receive the best possible service and outcomes.
Source: Zillow Rental Manager. “San Diego Market Trends.” As of August 4th, 2024. Zillow.
