The San Diego multifamily market in Q3 2025 shows stable vacancy rates and slight rent growth, while construction activity and net absorption continue to decline. Explore our full San Diego multifamily market review for in-depth analysis and trends.
3Q 2025 San Diego Multifamily Market: Key Data Points
- Vacancy Rate Remains Stable: San Diego’s multifamily vacancy rate held at 5.0% in 3Q 2025, up just 10 basis points year-over-year.
- Average Asking Rents Up 0.6%: Average asking rent reached $2,403 per month, with three-bedroom units averaging $3,030.
- Construction Pipeline Contracts: Units under construction declined 20% year-over-year to 11,988 units.
- Sales Prices Decline: The average sales price per unit dropped 13% year-over-year to $324,638.
- Construction Deliveries Fall Sharply: Deliveries decreased 55% year-over-year to 5,555 units YTD.
- Net Absorption Slows: Net absorption fell 68% year-over-year to 4,260 units YTD.
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