San Diego’s rental market saw mixed trends in Q4 2024. While rental prices remained mostly stable, listing counts fluctuated across different property types, and days on market edged upward. Notably, concessions increased significantly, reaching nearly half of all listings, reflecting a highly competitive market.
We asked property managers in the San Diego area for insights into the market.
Key Takeaway: San Diego’s rental market shows optimism for rent increases, with 29% of property managers anticipating higher rents over the next six months.
Data Summary:
Data Summary:
Deeper Diver: San Diego’s rental market reflects mixed signals: While 29% of property managers are optimistic about rent increases, suggesting growth in rental values, the majority, 67%, expect rents to remain stable. Leasing activity appears to be stable overall, with 76% of property managers receiving similar applicant volume. However, 19% are experiencing fewer applications, signaling possible softening in demand. The modest 5% reporting more applicants could indicate slight growth in specific property segments.
Key Takeaway: Rental concessions in San Diego surged to 49% in Q4 2024, far exceeding the national average of 28%.
Data Summary:
Deeper Dive: San Diego landlords are offering significant incentives to attract tenants, with nearly half of all listings including concessions. This rapid increase in concessions suggests heightened competition among landlords, possibly due to higher-than-expected vacancy rates or changing renter preferences.
Key Takeaway: San Diego’s days on market remain competitive, with homes moving faster than the national averages.
Data Summary:
Deeper Dive: San Diego’s rental properties continue to lease relatively quickly, with single-family homes renting five days faster than the national average. However, multifamily properties saw a slight increase in days on market compared to earlier in the year, suggesting a shift in renter demand.
Key Takeaway: Rent prices in San Diego remained mostly stable in Q4 2024, with only minor fluctuations.
Data Summary:
Deeper Dive: While multifamily properties saw a slight increase in rent, single-family and larger-unit properties experienced declines. This could indicate that tenants are favoring smaller, more affordable units, or that landlords are adjusting prices to remain competitive.
Key Takeaway: San Diego’s rental listings remained relatively stable in Q4 2024, with minor fluctuations across property types.
Data Summary:
Deeper Dive: While the one- and two-bedroom and multifamily segments saw slight increases in listings, the single-family and three-bedroom markets declined. This suggests that while rental inventory in San Diego remains relatively stable, some segments, like single-family rentals, may be experiencing tighter availability.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals (SFR) are considered to be properties with 4 or fewer units. Multifamily (MF) is more than 4 doors. Unless otherwise noted, our analysis uses the San Diego-Chula Vista-Carlsbad, CA, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.©2025 by Rental Beast
