San Diego rents declined following surge in supply

From the article:

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.

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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.

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“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.”

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KPBS reported last year that rents in San Diego increase slower where lots of homes are permitted; the Zumper report continues to indicate that adding to the supply of available homes on the market helps keep rents from increasing, and can even contribute to decreases.

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San Diego sits at the 11th most expensive rental market in the nation, according to the report, with the median rent for a 1-bedroom at $2,200. Median rent for 2-bedroom apartments is $2,950.