|
|
2/27/23
|
This 4th quarter 2022 overview provided by real estate services firm Northmarq
San Diego multifamily market highlights:
• Most property performance metrics in San Diego improved in 2022, and conditions were strong in the fourth quarter. Asking rents ticked higher in the final months of the year while vacancy rose slightly.
• Local vacancy trended higher before the end of 2022, rising 20 basis points in the fourth quarter to 3.5%. This followed a period of four consecutive quarters where the rate declined. Year over year, the vacancy rate tightened 80 basis points.
• Apartment rents ticked higher in the final months of the year, rising 1.8% to $2,327 per month. In 2022, asking rents rose 8 percent.
• The multifamily investment market made some gains at the end of 2022, as deal volume accelerated, and sales prices remained above the 2021 figure. The median sales price in 2022 reached $358,900 per unit, up nearly 12%. Cap rates averaged around 4% during the fourth quarter.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
