Some San Diego apartment rents decrease amid plunging vacancy rates

Posted at 5:29 PM, Jun 26, 2017
and last updated 2017-06-26 20:29:28-04

SAN DIEGO (KGTV)--San Diego County's apartment vacancy rate fell to 3.7 percent , down from 5.4 percent in Fall 2016, according to the San Diego County Apartment Association. 

Apartments with three or more bedrooms had the highest vacancy rate at 5.7 percent and the East County and South Bay had the lowest vacancy rates at 3.7 percent. 

"The rise in vacancy rates for units with three or more bedrooms could be indicative of an uptick in single people or couples without children searching for smaller-sized units," said the association's executive director Alan Pentico. 

Another survey finding was that the average rent decreased for one and two-bedroom units in San Diego but rose for studios and homes with three or more bedrooms. 

Fall 2016: 1-bedroom unit: $1,531; 2-bedroom unit: $1,789

Spring 2017: 1-bedroom unit: $1,432; 2-bedroom unit: $1,763

"In San Diego, we've seen the jobless rate steadily decline, giving people the financial means to seek out a non-roommate living situation and offering another possible explanation to the rise in rents for studio units," Pentico said. 

Vacancy rates and rents are surveyed by the association each spring and fall. 

Sandy Coronilla is a KGTV digital producer. Follow her @10NewsSandy