Tom York on Business: San Diego Rents Rose by 18% in 2021 Before Stabilizing

A one-bedroom rental in Carlsbad. REUTERS/Mike Blake

Yet another report confirms what we already know about the rental housing market in San Diego. Rents rose 18% in 2021. This is according to the latest monthly national rent survey issued by website Apartment List.

Some important take-aways of the survey:

  • Though San Diego rents rose a lot over the past year, they actually decreased 0.2% in December, suggesting a stabilizing trend.
  • As bad as the San Diego increase was for renters on the hunt, it was not as bad here as in other U.S. cities. We had the 37th biggest increase among the nation’s 100 largest cities.
  • Median rents in San Diego have now reached $1,847 for a 1-bedroom apartment, $2,449 for a two-bedroom.

“The new year has brought some much-needed relief to the rental market,” said spokesman Rob Warner for Apartment List. “Across the nation, rent prices fell 0.2% last month, representing the country’s first measurable price decline since 2020.”

“This of course comes after a period of tremendous rent growth. So, prices remain high, but have turned a corner,” added Warner.

Overall, rents fell late in the year in 61 of the 100 cities surveyed. Riverside enjoyed the nation’s steepest rent decline this month at -3%. Prices also fell in large and expensive cities, such as San Francisco at -1.6% and Chicago at-1%.