The Southern California Rental Housing Association Thursday released its Annual Vacancy and Rental Rate Survey, revealing a spike in the San Diego County vacancy rate and a large year-to-year drop in rent prices over the past year.
The point-in-time survey, conducted each spring, found a substantial increase in the availability of rental units and a notable decrease in rents compared to last year.
San Diego County's vacancy rate climbed to 6.36% in Spring 2024, up from 3.9% in Spring 2023. Within the region, the city of San Diego also experienced a rise in its vacancy rate to 4.22%, compared to 2.64% last year.
According to the rental housing association, the increase in vacancies can be attributed to the addition of new properties to the market and higher than usual vacancy rates in older properties.
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When there are more homes on the market, rent prices tend to fall. Fittingly, throughout the county, the average rent dropped from $2,338 in 2023 to $2,170 in 2024, a drop of slightly over 7%. In San Diego, the average rent fell from $2,266 in Spring 2023 to $2,189 in Spring 2024, a decline of over 3%.
"The 2024 Annual Survey indicates what industry members have been experiencing: higher vacancies and lower asking rents," said Alan Pentico, executive director of the SCRHA. "While we still face a housing shortage in California, this change in the local market is good news for renters."
The data were collected through surveys mailed to around 6,000 San Diego County rental property owners and managers in March 2024, with responses representing about 11,400 units. Participants provided information on rental rates, the number of bedrooms, square footage, property age, location and occupancy status, the SCRHA statement read.
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The association has been tracking rental and vacancy rate data in the San Diego Region since the 1950s.
