CoStar says this is the first time San Diego rent has dropped in an August since 2015, with most expensive markets seeing biggest declines
San Diego County rents have dropped two months in a row and it’s been a long time since that’s happened.
The biggest drops have occurred where prices went up the most over the past few years — like University City and several North County cities — as opposed to low-cost areas like National City. Joshua Ohl, a managing analyst at CoStar, said the rental market is in correction territory after explosive growth during the pandemic.“There’s a course correction on rent growth across the market in many instances,” he said. “Some of those areas had 20 percent rent growth and this is a market correction.
CoStar’s research also points to a deeper trend of renters switching apartments rather than dealing with increases. Ohl said they found landlords are mainly achieving rent increases through renewals, as opposed to new leases. That’s the opposite of how it usually goes.
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