San Diego Multifamily Market Report

The following reflects San Diego multifamily market conditions as of Q3 2026.

The San Diego multifamily market in Q3 2026 experienced decreased vacancy and unemployment, rising rental rates, and fewer construction deliveries year over year. Explore our full San Diego multifamily market report for deeper insights into rents, absorption, construction, and sale activity.

Frequently Asked Questions

What is the San Diego multifamily vacancy rate in Q3 2026?

The San Diego multifamily vacancy rate was 5.0% in Q3 2026, according to Kidder Mathews research. That is down from 5.5% in Q2 2026 and 5.3% in Q3 2025, a year-over-year decline of 30 basis points. (Data source: CoStar)

What is the average asking rent for San Diego apartments in Q3 2026?

The average asking rent in the San Diego multifamily market was $2,462 per unit per month in Q3 2026, according to Kidder Mathews research. That is up 1.4% from $2,429 in Q3 2025 and slightly above the Q2 2026 average of $2,456. (Data source: CoStar)

How much does a studio, 1-bedroom, 2-bedroom, or 3-bedroom apartment cost in San Diego in Q3 2026?

Average monthly rent in San Diego in Q3 2026 was $1,847 for a studio, $2,212 for a 1-bedroom, $2,690 for a 2-bedroom, and $3,052 for a 3-bedroom, according to Kidder Mathews research. These figures compare with an overall average asking rent of $2,462 per unit across all unit types. (Data source: CoStar)

What was San Diego multifamily net absorption in Q3 2026?

Net absorption in the San Diego multifamily market was 2,366 units in Q3 2026, according to Kidder Mathews research. Net absorption measures the net change in occupied apartment units, so a positive figure means more units were occupied than vacated. Year to date, 2026 net absorption reached 6,706 units, up 16.2% from 5,772 units in 2025 year to date. (Data source: CoStar)

How many apartment units were delivered in San Diego in Q3 2026?

San Diego delivered 550 multifamily units in Q3 2026, according to Kidder Mathews research. Year-to-date 2026 deliveries total 5,478 units, down 11.6% from 6,196 units in 2025 year to date. The largest completed project was Park Summit, a 264-unit property in Bankers Hill owned by Floit Properties and delivered in July 2026. (Data source: CoStar)

How many multifamily units are under construction in San Diego in Q3 2026?

San Diego had 12,206 multifamily units under construction in Q3 2026, according to Kidder Mathews research. That is down 17.3% from 14,755 units in Q3 2025 and down from 12,505 units in Q2 2026. The largest projects are Riverwalk San Diego, a 721-unit development in Mission Valley by Hines expected in 2Q 2028, and Avalon Mission Valley, a 621-unit development by Vivmark Residential expected in 1Q 2028. (Data source: CoStar)

What is the average sale price per unit for San Diego multifamily in Q3 2026?

The average sales price per unit in the San Diego multifamily market was $271,747 in Q3 2026, according to Kidder Mathews research. That is down 18.9% from $335,218 in Q3 2025 and below the Q2 2026 average of $401,719. (Data source: CoStar)

What is the average cap rate for San Diego multifamily in Q3 2026?

The average cap rate for San Diego multifamily was 4.9% in Q3 2026, according to Kidder Mathews research. That is up from 4.8% in Q2 2026 and down 10 basis points from 5.0% in Q3 2025. (Data source: CoStar)

What were the largest multifamily sales in San Diego in Q3 2026?

The largest San Diego multifamily sale in Q3 2026 was Gema, a 230-unit property in Cortez that sold for $80,000,000, or $347,826 per unit, with GL Capital Partners buying from The Green Cities Company. Sunterra Apts, a 240-unit property in Mira Costa, sold for $77,500,000 ($322,917 per unit) to Post Investment Group. 625 Broadway, a 231-unit property in East Village, sold for $62,000,000 ($268,398 per unit) to FPA Multifamily LLC. (Data source: CoStar)

What is the outlook for the San Diego multifamily market after Q3 2026?

Q3 2026 data points to a tightening San Diego multifamily market, according to Kidder Mathews research. Vacancy fell to 5.0%, asking rents rose 1.4% year over year, and year-to-date net absorption of 6,706 units exceeded year-to-date deliveries of 5,478 units. The construction pipeline of 12,206 units is 17.3% smaller than a year earlier, while the average sales price per unit fell 18.9% year over year. (Data source: CoStar)

Last updated: Q3 2026. Data source: CoStar. Compiled by the Kidder Mathews Research Group.

Q3 2026 San Diego Multifamily Market: Key Data Points

Explore our full San Diego multifamily market review for deeper insights into rents, absorption, construction, and sale activity.

• Vacancy Rate: Vacancy fell to 5.0% in Q3 2026, down from 5.5% in Q2 2026 and 30 basis points lower than a year ago.
• Average Asking Rent: Asking rents averaged $2,462 per unit, up 1.4% year over year, with 1-bedroom units averaging $2,212 and 2-bedroom units averaging $2,690.
• Net Absorption: Net absorption totaled 2,366 units in Q3 2026 and 6,706 units year to date, up 16.2% from 2025 year to date.
• Construction Deliveries: 550 units were delivered in Q3 2026 and 5,478 year to date, down 11.6% from 2025 year to date.
• Under Construction: The pipeline stands at 12,206 units, down 17.3% year over year, led by Riverwalk San Diego (721 units) in Mission Valley.
• Sale Pricing and Cap Rates: The average sales price was $271,747 per unit, down 18.9% year over year, with an average cap rate of 4.9%.
• Largest Sale: Gema, a 230-unit property in Cortez, sold for $80,000,000 ($347,826 per unit) to GL Capital Partners.

Average Rent by Unit Type

Significant Sale Transactions Q3 2026

Significant Under Construction

Significant Completed Construction Q3 2026

Data as of Q3 2026. Source: CoStar. Prepared by the Kidder Mathews Research Group.