SAN DIEGO (FOX 5/KUSI) — After a series of ups and downs in San Diego’s rental market, rent prices in the area appear to be leveling out.
According to a new report by rental site Apartment List, rent prices in San Diego rose 0.6% last month. The city’s median rent was reported at $2,293, which is 1.2% greater than the median rent of $2,266 in the wider metropolitan area.
Fortunately, it appears the rate of rent growth in the area has slowed down from years of rapid increases following the COVID-19 pandemic.
In December 2021, the median price of rent soared to $2,970 — an increase of 29.3% from the year before, according to Realtor.com.
So far, the median rent in San Diego has decreased by a total of 2.5% within the past year, according to Apartment List. Rent prices have risen slightly by 0.7% since January, but this is still a slower rate than the same period of time last year when rents had increased 1.3% between January and March.
The report shows the median rent for a one-bedroom apartment is $1,954 while rent for a two-bedroom averages $2,449.
San Diego’s month-over-month rent growth is about on par with the nationwide average of 0.6%, data shows. The city ranks #38 among the 100 largest cities in the U.S. for rent growth, despite ranking as one of the top 10 most expensive places to live.
Escondido seems to have the fastest annual rent growth in the San Diego rental market at 3.8%, while San Diego has the slowest at -2.5%.
While there haven’t been any dramatic decreases in the cost of renting throughout the area, news of the growth rate slowing down could offer some peace of mind for San Diego renters.