COSTAR INSIGHT San Diego Adds More Jobs, Loses More of Its Labor Force Apple Still in Hiring Mode By Joshua Ohl CoStar Analytics November 21, 2022 | 2:38 P.M. San Diego’s unemployment level shifted upward during October, to 3.2%, according to the latest report released by the California Employment Development Department. That compares to California’s unadjusted statewide unemployment rate of 3.8%. Although San Diego added 14,000 to nonfarm...

Currently 42% of Chula Vista housing is rental housing. 44% of renters in Chula Vista pay over 50% of their income on rent. 47% of Chula Vista’s households are considered to be lower income. Many of the Chula Vista renters applied for the COVID-19 Emergency Rental Assistance Program (ERAP) to get help paying rent. Along with this, Chula Vista’s rents...

Source: Yardi Matrix Multifamily National Report - Summer 2022, in link here. While multifamily rents have decelerated from the record highs in 2021, they are still in the double-digit growth percentage through mid-year. The average asking rent increases are expected to grow to 7.9% by the end of the year. Due to the ever so strong performance in the multifamily sector,...

Source: SDAR / Alan Nevin Economic Report link here. San Diego ranks fourth in the United States for the share of $1 million-plus dollar homes in the city at 13.5%. This is likely in part because San Diego is such a desirable place to live. United States unemployment has hit a new low of only 3.6% in June. San Diego’s unemployment...

Source: Yard Matrix The average US asking rent increased $19 to a new high of $1,706. Nationally the asking rates have increased by $73 year-to-date. Rent growth has increased by at least 10% in 25 of Yardi’s top 30 metros. US asking rents have also increased at an average of 1.1% in June from May. National occupancy rates are at a...

Source: Courtesy of Southern California Rental Housing Association. Click link here for more details. "An eviction moratorium that was passed a year and half ago in the City of San Diego is now in effect with the end of statewide eviction protections. The ordinance was approved in February 2021 but was pre-empted by state law. The city’s ordinance which applies to...

Source: Yardi Matrix While the average month-over-month asking rent increased to 1.1% in May from month-over-month in April (1.0%), the year-over-year average asking rates have actually decelerated from 16% in April to 14% in May. It is not looking the same year for rental increase as we saw in 2021. Inflation continues to rise at a 40-year high while food and energy...

San Diego's occupancy increased 90 basis points over the past 12 months while within the last year the rent growth rose 20.8%, which outperformed the national average. 2021 was a record year with $3.7 billion traded in multifamily assets. With this, the first 4 months of 2022 have had a volume of $731 million, which is on par with last...

On Wednesday, the Feds hiked interest rates by 75 basis points (the highest since 1994). Mohamed El-Erian, CEO of Allianz calls this hike part of a “great awakening” for central banks and others. The Swiss National bank also hiked 50 bps as well, and the European Central Bank announced it would have its first-rate hike in over a decade next...

Traditionally rents would increase based upon factors such as employment growth or population growth. But the pandemic made changes in rent not seen before.  The overall rent surges/declines throughout the beginning of the pandemic were mainly based on job growth/decline. The pandemic was a hard time for everyone everywhere and from April 2020-March 2021 no major metro gained jobs. The bigger...

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