Landlord Tips & Tricks

July 31, 2024

What's The Average Rent In San Diego, CA

Zoe Harper

Marketing

The average rent in San Diego tells us a lot about the city's housing situation. As of July 2024, the median monthly rent is $2,333. This figure has stayed the same from the month before. It shows a decrease of 3.0% from the previous year¹. This makes San Diego the eleventh most expensive big city in the U.S. for renters¹.

Every type of living space has an average rent of $2,333¹. Compared to the whole country, San Diego's rent prices are quite high. For example, rent for a one-bedroom is 65.3% more than the U.S. average, costing about $1,988. And a two-bedroom costs about $2,492, also well above average¹.

Key Takeaways

San Diego's median rent is $2,333 as of July 2024¹.
There has been a 3.0% decline in rent prices year-over-year¹.
The city ranks #11 among the most expensive large U.S. cities for renters¹.
Median rents for one-bedroom and two-bedroom apartments are significantly higher than national averages¹.
San Diego's rental market remains robust despite the higher costs¹.

San Diego's Current Rental Market Overview

The San Diego rental market is steady, showing a minor monthly growth of 0.4%. It's a slight ease compared to other big cities². This steady state is important when looking at San Diego rental market trends. A yearly look shows a 3.0% drop in rents², pointing out recent hurdles.

Housing market statistics San Diego tell us rent growth lags behind state and national levels. From January to June of 2024, rent in San Diego went up by 2.5%². This slow growth sets San Diego apart. The median rent here is about $2,995 a month, up 3.1% from last year³.

San Diego is one of the priciest U.S. cities for renters, ranked 8th nationally. A one-bedroom apartment averaged $2,300 in February. That's way above the state average and nearly $1,000 more than Zumper's national index². Places like Coronado see one-bedrooms at $3,900, while El Cajon offers them at $1,780².

However, new apartment development isn't keeping up with the need. Despite 4,000 new units coming, we're 90,000 short² ⁴. Rents in San Diego have jumped 57% in ten years, way over the 40% national rate⁴. Such a surge shows the high demand and essential San Diego rental market trends.

San Diego's economy remains strong, with median incomes rising from $86,300 in 2019 to $116,800 in 2023⁴. This boost affects home and rental prices, a big part of rental prices San Diego context.

To wrap up, getting to know San Diego's rental market is key for understanding its housing scenario. The mix of stable monthly growth, yearly drops, and area-based rent differences tells the story of its current market state.

Factors Affecting Rent Prices In San Diego

Several factors shape San Diego's rental market. These include the cost of living, how many homes are available versus how many people want to rent, and what each neighborhood offers.

Cost of Living

The San Diego cost of living is a lot higher than most places in the country. This makes it harder for many people to live in San Diego. For example, the price to buy a home is 115.6% higher in the city than the national average⁵. Because of this, renting in San Diego costs a lot too.

Other expenses like utilities are 13% higher than average, and food is 10% pricier⁵. All of these factors together make San Diego's cost of living quite high. This makes finding affordable housing in the area tough for many.

Supply and Demand

The balance between how many rental homes are available and how many people want them greatly affects rental prices in San Diego. When COVID-19 hit, more people moved to San Diego from pricier cities, wanting to take advantage of working from home⁵. But, there weren't enough homes for everyone because fewer people were selling and more investors were buying⁵. This made rent prices jump up.

However, there's lately been a slight drop in rent in some areas, after prices seemed to stabilize⁶. Experts think rent might slowly go up again as the number of available homes and interested renters evens out.

Neighborhood Factors

Rent in San Diego also varies widely by neighborhood. Factors such as location, available amenities, and the area's general appeal all play a part. For instance, rent in La Jolla/UTC averages about $3,161 a month, down 4% over a year⁶.

On the other hand, places like Balboa Park and East County have seen rent increases, underlining the varied rental market across different San Diego neighborhoods⁶. This shows how important neighborhood characteristics are in determining rent prices in the city.

Median Rent Prices for Different Apartment Sizes in San Diego

Rental prices for apartments in San Diego vary widely. Factors such as location and market demand play a big part. We will look at the average rent costs for one, two, and three-bedroom apartments.

One-Bedroom Apartments

The average rent for a one-bedroom in San Diego is $1,988. This makes it a good option for single people or couples¹. One-bedroom apartments are popular because they are more affordable than bigger units¹.

Two-Bedroom Apartments

A two-bedroom apartment in San Diego costs about $2,492 on average¹. These are great for small families or roommates who want to live together¹.

Three-Bedroom Apartments

Three-bedroom apartments are for those who need a lot of space. In some neighborhoods, they can cost up to $5,154. So, these family-sized apartments are much pricier than smaller ones¹.

Knowing these price differences helps people find the right apartment. They can choose what fits their needs and what they can afford.

Year-over-Year Rent Trends in San Diego

The San Diego housing market shows changing rent patterns every month and year. It's vital for renters and investors to know these trends.

Monthly Rent Changes

In June 2024, rents in San Diego slightly increased by 0.4%. This reflects a small rise in rental costs¹. The median rent was $2,301 in the metro area and $2,333 in San Diego proper¹. These shifts in monthly rent mirror national ones, affecting rental market trends.

Annual Rent Changes

As of July 2024, San Diego saw a 3.0% drop in median rent¹. This decrease is due to various factors affecting rent prices over the year. The city's rent growth rate has eased from 3.5% to 2.5% in 2024¹.

Some city areas like Oceanside had rent for one-bedroom apartments go up by 5.9%⁷. In contrast, Vista saw rents fall by 8.7%⁷. These numbers show the wider trends in San Diego's housing market monthly.

San Diego's rental costs make it the 11th most expensive big city in the U.S¹.. This information helps track the city's rent trends year over year, giving a full picture of the rental scene.

Comparing San Diego Rent Prices To National Averages

San Diego's rent is notably pricier than the U.S. average. A place costs about $2,333 here, way over the national median of $1,411. That makes it the 11th priciest large U.S. city, on par with Jersey City, NJ, and a bit more than Anaheim, CA. In the past year, rent in San Diego dipped by 3%, showing a slight market change¹.

Rent Prices in Other Major Cities

Looking at other big cities, rent costs vary a lot. Jersey City, NJ, has rent close to San Diego's. But Anaheim, CA, is slightly cheaper. Honolulu, HI, tops the list with the nation's highest rent at $2,528 monthly⁸. Florida, meanwhile, saw a huge rent jump of 28% from 2021 to 2022, showing how rents can swing⁸.

Cost of Living Index

Living in San Diego is much more expensive than most places. This is mostly because of high house costs, which are 119% above the U.S. average⁸. Things like utilities, transport, and food also push up living costs here. Compared to states with cheaper rent, like North Dakota at $821, San Diego stands out sharply¹ ⁸. Check out average rent by state for more info¹.

Neighborhoods with the Highest Rent Prices in San Diego

San Diego has upscale areas known for luxury rentals. Places like Mission Valley and La Jolla Crossroads are highly desired. They offer great amenities and beautiful coastal views⁹.

Living in San Diego isn't cheap; it's much more than the U.S. average. A one-bedroom can cost about $2,780 per month. Two-bedrooms are around $3,570. The mix of convenience, scenery, and upscale features makes rents high⁹ ¹.

Oceanside stands out as one pricey spot in the San Diego area. Two-bedroom homes there can reach $2,485. It's perfect for those looking for luxury living in San Diego.

San Diego's living cost is way above average, especially for housing. Homes are 127.1% pricier than what most Americans pay⁹. Even things like getting around, health care, and other essentials cost more. This all adds to the high living expenses⁹.

Neighborhoods with the Most Affordable Rent Prices in San Diego

In San Diego, you can find many neighborhoods that won't break the bank. El Cajon tops the list as the most affordable place in the San Diego area. Here, the median rent for a two-bedroom is only $1,665. This shows that rental prices can vary greatly.

The Midway District also offers affordable living. A two-bedroom apartment goes for $2,350 on average, and that price hasn't changed since 2021¹⁰. In the Glens area, rent for a two-bedroom apartment rose slightly to $2,320¹⁰ - that's a 4.16% increase.

For even cheaper options, head to Southeastern San Diego. Rent there has gone up by 6.36% since 2021, with two-bedroom apartments averaging $1,670¹⁰. Paradise Hills has the cheapest average two-bedroom rent in San Diego at $1,631, after a small 3.86% increase¹⁰.

Central San Diego is the cheapest spot for small apartments, with studios averaging $1,643 and one-bedrooms at $1,795¹¹. This makes it a great choice for those looking for low-cost options. Southeastern San Diego also has good deals, with studios at $1,450 and one-bedrooms at $1,925, placing it fourth in affordability¹¹.

Comparing San Diego to Surrounding Metro Areas

Cities in the San Diego metro area have different rent prices and living costs. Understanding these differences helps with making better decisions.

Oceanside

Oceanside is a pricier area in the San Diego metro, with a median rent of $2,485¹² for a two-bedroom place. People like the coastal lifestyle even though rents are high¹³. It's good to think about how close it is to the ocean, which makes rents higher.

El Cajon

El Cajon offers cheaper rent options. A two-bedroom apartment's median rent is around $1,737¹². This city is great for those wanting to save money but still be close to San Diego's features¹³. Lower rent matches with other savings in transportation and healthcare¹³.

Escondido

Escondido's rents are climbing, showing a 1.1% yearly increase¹². The median rent for two bedrooms is $2,258¹². This increase reflects the overall trend in the San Diego area, with more people finding Escondido a good mix of price and quality of life¹³.

The San Diego metro area has a variety of rent prices, affecting where people decide to live. For more details on San Diego's living costs, click here ¹³.

Rental Market Predictions for San Diego

The San Diego rental forecast points to a complex future. It's shaped by many factors that affect rent. Understanding these factors is key to grasping how rents will change.

Expected Trends

Rent prices in San Diego are expected to stabilize but might still rise occasionally. This is due to the area's economic trends. Last month, rents rose by 0.6%, which is in line with the national average¹⁴. Even so, San Diego's median rent is 1.2% higher than its metro area¹⁴. Economic shifts will likely cause these rent trends to vary now and then.

Economic Factors

The job market greatly affects San Diego's rental prices. Job performance, inflation, and interest rates are expected to keep influencing rents. For the first half of 2024, rent growth in San Diego is at 2.5%. This is less than last year's 3.5% for the same time¹. Seasonal demand and other market factors also greatly impact housing expenses.

Comparing San Diego to other costly cities reveals much. San Diego's median rent is $2,333, making it 65.3% above the national average. It aligns with cities like Jersey City, NJ, and Anaheim, CA¹. These comparisons suggest rental strategies need to evolve with economic changes to remain stable in an unpredictable market.

Tips for Renting in San Diego

Looking for apartments in San Diego can be tough. But knowing the right tricks can smooth out the process. Checking different neighborhoods is key because rent can vary a lot by location. Places like La Jolla have higher rents because of their nice amenities and views¹⁵. But, you can find cheaper places in areas like El Cajon¹. Using online listings on Zillow and tools like Rent Zestimate can really help in your search.

Finding the Best Deals

To find affordable places in San Diego, look around different areas and check many listings. A lot of vacant apartments can mean better deals and offers. You can also try talking to landlords about lowering rent or giving extra benefits for longer stays. For example, rent only went up a little, 0.4%, in June 2024. That makes it a good time to look for deals¹.

Understanding Rental Agreements

It's very important to fully understand your rental agreement in San Diego. Make sure to read all the fine print. Know about the local laws that control rent and protect renters. San Diego's median rent is $2,333, making it the 11th most expensive big city in the U.S¹. Learn about the legal stuff and talk to a real estate pro to make smart renting decisions.

Also, think about other things like having a washer in your unit. This can make your rental even better¹⁵.

For more info, check out The Apartment List July 2024 Rent Report. It's full of data and trends on renting in San Diego¹.

What Do Renters Need To Know About Rent Control in San Diego?

Renters in San Diego must understand local rent control laws. These rules affect lease renewals, rent hikes, and evictions. The city's rent control aims to tackle rising rents and the housing crisis. Since January 1, 2020, rent can only go up by 5% plus CPI changes each year, but it can’t exceed 10%¹⁶. Assembly Bill No. 1482 helps keep rent increases under control too. It caps hikes in a similar way and lasts until January 1, 2030¹⁷.

Tenant protections in San Diego include strict limits on evictions. Landlords face heavy fines and legal costs for breaking these rules by raising rents too much¹⁶. However, some properties are not covered by these laws. For example, certain single-family homes and newer buildings don’t apply. Also, landlords living in one half of a duplex can raise rents freely¹⁸.

The local Housing Commission advises against rent increases over 10% in a year¹⁸. This guideline aims for stable rent costs for everyone. From August 2023 to July 2024, rent could go up by 10%, but this might drop to 8.6% next year¹⁶. Landlords need to follow these rules carefully to avoid tenant lawsuits.

Becoming familiar with San Diego rent control policies is crucial for renters. Getting advice from professionals ensures you know your rights. Knowing these laws helps tenants choose their housing wisely and discuss leases fairly. It’s key for a fair and stable renting environment in San Diego.

Conclusion

It's essential to grasp the rental market in San Diego to make wise choices. Knowing the median rents and how different each neighborhood can be helps a lot. San Diego's median rent is $2,995, showing it's not cheap to live there¹⁹.

In places like Coronado and Del Mar, rent is much higher, reaching up to $6,500 and $8,000. This shows how varied the rental market is¹⁹. Yet, Lemon Grove and El Cajon offer more budget-friendly options. Their average rents are around $2,395 and $2,400¹⁹. This means you have to weigh your budget against where you'd prefer to live.

San Diego's appeal and limited housing are driving up rents. One-bedroom places average at $2,846 while two-bedrooms are about $3,735²⁰. By staying informed on these trends, renters can plan their budgets better. With this knowledge, you can find the right balance between what you can afford and your lifestyle in San Diego.

FAQ

What is the average rent in San Diego, CA?

In July 2024, the average rent in San Diego was $2,333. This is quite a bit more than the US median rent of $1,411. One-bedroom apartments go for about $1,988, while two-bedrooms are around $2,492.

How has the rental market in San Diego changed over the past year?

Last year, San Diego's median rent dropped by 3.0%. But from month to month, it increased slightly by 0.4% as of June 2024. This shows San Diego's rental market is growing more slowly than others.

What factors influence rent prices in San Diego?

Rent in San Diego is affected by its high living costs, demand, and neighborhood features. For example, living here is 119% pricier than the US average. Places with great spots or facilities often have higher rents.

Q: What are the median rent prices for different apartment sizes in San Diego?

Rent varies by the size of the apartment in San Diego. A one-bedroom costs about $1,988 a month. A two-bedroom is $2,492. Three-bedrooms in some areas can be as much as $5,154.

Q: How do monthly and annual rent trends in San Diego compare?

There's been a small monthly rent hike of 0.4% in San Diego as of June 2024. Yearly, the rent fell by 3%, showing a steady market with slight monthly changes.

Q: How do rent prices in San Diego compare to other major cities and the national average?

San Diego’s rent is much higher than the national average, costing 65.3% more. Its prices are close to Jersey City, NJ, and a bit above Anaheim, CA.

Q: Which neighborhoods in San Diego have the highest rent prices?

Oceanside has some of San Diego's highest rents, with two-bedrooms at $2,485. Beach areas or those with fancy amenities often cost more.

Q: Which neighborhoods in San Diego offer the most affordable rent prices?

El Cajon is more pocket-friendly than other parts of San Diego, with two-bedrooms at $1,665. The price can vary a lot depending on the area's facilities and location.

Q: How do rent prices in San Diego compare to surrounding metro areas?

In Oceanside, a two-bedroom rents for $2,485. El Cajon is cheaper at $1,737. Escondido's rent is $2,258, showing a 1.1% yearly increase. This mirrors its rising popularity.

Q: What are the rental market predictions for San Diego?

San Diego's rental scene will likely even out or grow occasionally. Job trends, inflation, and interest rates will play a big role in this. These factors influence living costs and housing needs.

Q: What tips can help in renting an apartment in San Diego?

To get a good deal in San Diego, check different areas and compare offers. Try to find places with more empty apartments. It’s a good idea to talk about lease details and look for specials. Knowing your lease and rights is key to a smart choice.

Q: What should renters know about rent control in San Diego?

Renters should understand San Diego's rent control rules. These rules affect lease renewals, rent hikes, and evictions. It's vital to know your protections and get advice from pro's if needed.