Test

Backdrop

San Diego is one of the nation's most desirable and supply-constrained markets. The city features strong growth and major supply constraints with a 2022 employment-to-permit ratio of 4.6 vs. an equilibrium of 1.1 to 1.5. New apartment construction severely trails pent-up demand in the area where rising homeownership costs force more to rent (it costs 89% more to own than rent).

Why is it Resilient?

Strong job growth in scientific research, health care, and defense drives the San Diego metropolitan area. The combination of strong sectors and high desirability continue to drive population growth. San Diego ranks 19 out of 50 on the Pathfinder Economic Resiliency Index.

How it Impacts Multifamily

• Occupancy remains high at 94%
• Rents projected to increase 2.9% annually through 2027.