Main as much as the spring leasing season, San Diego multifamily fundamentals continued to strengthen after a comparatively swift restoration for a coastal metropolis. Whereas occupancy elevated 90 foundation factors over 12 months, year-over-year lease progress clocked in at a really robust 20.8 %, outperforming the nationwide common, in addition to close by Los Angeles, the Inland Empire and Orange County.
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The metro’s economic system can also be heading in the right direction, having gained 104,300 positions within the 12 months ending in February, greater than half of which have been within the leisure and hospitality sector. In the meantime, unemployment dropped to three.4 % in March, in line with preliminary Bureau of Labor Statistics knowledge, outpacing each the state and the nation. With the financial restoration advancing at a quick clip, metro San Diego’s complete employment fell simply 7,540 positions brief in March 2022 in comparison with February 2020, earlier than the pandemic hit.
Following a report 2021, when $3.7 billion in multifamily belongings traded, the primary 4 months of 2022 introduced a transaction quantity of $731 million, a determine on par with final yr’s strong tempo. In the meantime, solely 911 residences got here on-line throughout metro San Diego year-to-date via April, and one other 8,445 items have been underway at the start of the second quarter, a pipeline that’s falling wanting matching present demand.
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