SAN DIEGO (KGTV) — Living in San Diego isn't cheap, but new numbers show the cost of rent has consistently dropped year over year in the city — something that hasn't happened in almost 15 years.
But is it enough for renters to notice?
According to research from CoStar Group, a global provider of real estate data, the average rent per month in San Diego is about $2,500. That's $30 per month less compared to the previous year.
However, it still lands America's Finest City at No. 6 in terms of the most expensive rental markets in the country.
Josh Ohl, who is the senior director of market analytics with CoStar Group, said while that may not sound encouraging, it's a lot better than where we were a few years ago.
"Generally speaking, over any 12-month period, rents on average historically grow about 3.2%," Ohl said. "But we had rents grow over a 12-month period by 12%. So we essentially had like four years of rent growth confined to a 12-month period."
Many renters remain skeptical about the reported decreases. When asked if they've noticed rent going down, several responded with doubt.
"It has gone down? I don't think so. I don't think so," one renter said.
Shearrah Gordon couldn't believe what she was hearing. As a member of the military, she has a limited income and says it was difficult finding a place within her budget.
"They only give you a certain amount for base housing, like living outside of the base, so I had a limited amount to spend so that's where I'm not trying to go over that," Gordon said.
She pays $2,700 per month for a one-bedroom apartment. She doesn't have many amenities, but she is paying extra for her washer and dryer.
Data shows most people are paying $200 to $500 extra per month for amenities such as gyms, pools, security, or gate fees.
Ohl said the drop in rent gives renters the upper hand when trying to find the best deals or score extras like a month of free rent or a gift card from apartment companies.
"If you are out there looking for an apartment, you might be able to get a better deal now than you would have 12 months ago just as a result of a little bit more competition to lure renters in the front door of our communities," Ohl said.
He also suggests looking at apartments based on location, as certain neighborhoods will have more available units, which could help you get a better deal.
"Some supply heavy areas like the Balboa Park neighborhoods or South County, each of those areas have about 1,400 market rate units opened in those areas. About 1,100 opened in Mission Valley," Ohl said.
"But you have UTC neighborhoods, some of the areas up there in the Del Mar Heights and Carmel Valley and some of those North County beach towns, PB, Point Loma and Coronado," Ohl said.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
