GoKawiilSan Diego rents have gone down since this time last year, according to a new report by Zumper , a rental platform that tracks rental data nationwide.
The median rent for a 1- and 2-bedroom apartment in San Diego declined by 5.6% and 7.5%, respectively.
The report found that there was about a 15% increase in active listings in San Diego over that timeframe, according to Crystal Chen from Zumper.
“Generally speaking, the more supply there is, the less the prices will continue to increase,” Zack Defazio-Farell from the housing advocacy group YIMBY Democrats of San Diego said. “And they may go down as we're starting to see here. So yeah. Shouldn't be too surprised by this.”
Of the top 20 most expensive rental markets, only New Haven, Conn., saw a sharper decline in 1-bedroom rents. Miami and New Haven both saw larger decreases in median rents for a 2-bedroom apartment.
Most other cities in the top 20 with fewer new active listings didn’t see the same decline.
“I think if you track the city of San Diego over the last couple of years, we've shown a pretty significant increase in the number of new housing permits each year, we’re closing in on the 10,000 mark for the last two years,” Council President Pro Tem Kent Lee said. “And I think that's really a collective effort between the mayor's office, a supportive council, and our planning and development services department that are trying to find, really all the tools in which they can help to ensure that new housing is happening in San Diego.”
Lee chairs the city council’s Land Use and Housing Committee. He said one of the biggest ways the city has facilitated new housing is through the community plan updates, like the recent updates in Clairemont and the College area .
“When we have this big influx of housing supply, it means that as a renter, it's much more competitive,” Lee said.
Defazio-Farell said that makes it more difficult for landlords or owners to charge higher prices.
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