The San Diego multifamily market in Q4 2025 reflects stable vacancy rates and minimal rent growth, while construction activity continues to decline and sales pricing softens. Explore our full San Diego multifamily market review for detailed trends and investment insights.
4Q 2025 San Diego Multifamily Market: Key Data Points
- Vacancy Rate Holds Steady: Vacancy increased slightly to 5.4%, up 60 basis points year-over-year.
- Average Asking Rent Flat: Asking rents averaged $2,391 per month, showing only a 0.1% YOY increase.
- Construction Pipeline Contracts: Units under construction fell to 11,850, a 22% decrease YOY.
- Sales Pricing Declines: TAverage sales price per unit dropped to $320,196, down 23% YOY.
- Construction Deliveries Fall Sharply: Deliveries decreased 55% year-over-year to 5,555 units YTD.
- Deliveries vs. Absorption: 2,088 units delivered in Q4, while net absorption totaled 1,215 units, down 16% YOY.
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