Higher Vacancies, Lower Rates Seen in Annual Survey of Regional Rental Market

The Southern California Rental Housing Association announced Thursday that its annual Vacancy and Rental Rate Survey found increased availability and a decrease in rents compared to last year.

“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, in a statement. “While we still face a housing shortage in California, this change in the local market is good news for renters.”

The vacancy rate went up to 6.36% in spring 2024, up from 3.9% from last spring. The city of San Diego experienced a rise in vacancy rates within the region to 4.22% compared to 2.64% last year.

The increase in vacancies can be linked to new properties on the market and higher rates in older properties.

Throughout San Diego County, the average rent decreased to $2,170, compared to $2,338 from 2023, a drop slightly over 7%. In the City of San Diego, the average rent fell from $2,266 last spring to $2,189 this spring, a decline over 3%.

The data was collected through surveys mailed to approximately 6,000 San Diego County rental property owners and managers in March 2024, with responses representing about 11,400 units. Participants provided information on rates, number of bedrooms, square footage, property age, location, and occupancy status.