San Diego, CA Rental Market Trends
San Diego Rent Report: December 2023
Welcome to the Apartment List December 2023 Rent Report for San Diego, CA. Currently, the overall median rent in the city stands at $2,344, after falling 1.6% last month. Prices are now down 2.5% year-over-year. Read on to learn more about what’s been happening in the San Diego rental market and how it compares to trends throughout the broader San Diego metro area and the nation as a whole.
San Diego rents are down 1.6% month-over-month and down 2.5% year-over-year
The median rent in San Diego fell by 1.6% over the course of November, and has now decreased by a total of 2.5% over the past 12 months. San Diego’s rent growth over the past year has is similar to the state average (-1.8%) but has fallen below the national average (-1.1%).
San Diego rent growth in 2023 pacing below last year
Eleven months into the year, rents in San Diego have fallen 0.5%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2022 rents had increased 5.6%.
November rent growth in San Diego ranked #90 among large U.S. cities
San Diego rents went down 1.6% in the past month, compared to the national rate of -0.9%. Among the nation's 100 largest cities, this ranks #90. Similar monthly rent growth took place in Raleigh, NC (-1.6%) and Kansas City, MO (-1.6%).
San Diego is the #7 most expensive large city in the U.S., with a median rent of $2,344
Citywide, the median rent currently stands at $1,927 for a 1-bedroom apartment and $2,485 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,344. That ranks #7 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,149 for a 1-bedroom, $1,317 for a 2-bedroom, and $1,340 overall. The median rent in San Diego is 74.9% higher than the national, and is similar to the prices you would find in Chula Vista, CA ($2,346) and Jersey City, NJ ($2,321).
San Diego rents are 0.3% higher than the metro-wide median
If we expand our view to the wider San Diego metro area, the median rent is $2,336 meaning that the median price in San Diego proper ($2,344) is 0.3% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.9%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 6 cities in the San Diego metro area that are included in our database. Among them, Carlsbad is currently the most expensive, with a median rent of $3,072. La Mesa is the metro’s most affordable city, with a median rent of $2,237. The metro's fastest annual rent growth is occurring in Vista (1.2%) while the slowest is in La Mesa (-3.3%).
You can also use the map below to explore the latest rent trends in the San Diego metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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