By Eric Wolff
June 11, 2012
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| The Latitude 33 apartment complex is under construction on Escondido Boulevard in Escondido. HAYNE PALMOUR IV |
The vacancy rate in North County apartments climbed in the spring, and rents dropped countywide, according to a report from the San Diego County Apartment Association.
The trend reflects the addition of newly built apartments in North County and the increase in gas prices as commuters move closer to jobs in downtown San Diego, said Alan Pentico, executive director of the association.
"What we see with that is gas prices and people are moving into the core area," Pentico said. "We (did) this survey back in March, when prices were high."
Indeed, the price of a gallon of unleaded gasoline crested in March at $4.38 in both San Diego and Riverside counties, though both prices have dropped in recent weeks, according to AAA.
The apartment vacancy rate in North County hit 4.9 percent in the association's survey, up from 4.3 percent in the fall survey and 4 percent in spring 2011.
North County vacancy rates may be rising in part because of new projects opening, Pentico said. Certainly there's plenty of apartment construction under way: New projects in Escondido and San Marcos expect to open later this year.
The city of San Diego's vacancy rate moved in the opposite direction, falling from 4.1 percent in 2011 to 3.8 percent in the most recent survey.
The association doesn't break out rent for North County, but the average rent for a two-bedroom apartment in San Diego County fell from $1,338 a month in spring 2011 to $1,309 in the most recent survey.
The association's survey doesn't cover Southwest Riverside County, but the association recently expanded to include landlords in that area. Pentico said he suspects the vacancy rate there hasn't changed much and remains high.
"They're still experiencing the higher per-unit occupancy; they're still seeing what we're moving away from now," he said.
As foreclosures pushed people out of their houses in the mid-2000s, many moved in with family members. The average household size in Southwest County increased 12 percent between 2000 and 2010 to 3.05 per household, according to the U.S. Census Bureau.
Households typically grow or shrink slowly, and a double-digit change is dramatic, Beth Jarosz, a senior demographer with the San Diego Association of Governments, said in an interview last year.
North County household size increased 1 percent to 2.82 people per household over the same 10-year period.
Source: North County Times
The trend reflects the addition of newly built apartments in North County and the increase in gas prices as commuters move closer to jobs in downtown San Diego, said Alan Pentico, executive director of the association.
"What we see with that is gas prices and people are moving into the core area," Pentico said. "We (did) this survey back in March, when prices were high."
Indeed, the price of a gallon of unleaded gasoline crested in March at $4.38 in both San Diego and Riverside counties, though both prices have dropped in recent weeks, according to AAA.
The apartment vacancy rate in North County hit 4.9 percent in the association's survey, up from 4.3 percent in the fall survey and 4 percent in spring 2011.
North County vacancy rates may be rising in part because of new projects opening, Pentico said. Certainly there's plenty of apartment construction under way: New projects in Escondido and San Marcos expect to open later this year.
The city of San Diego's vacancy rate moved in the opposite direction, falling from 4.1 percent in 2011 to 3.8 percent in the most recent survey.
The association doesn't break out rent for North County, but the average rent for a two-bedroom apartment in San Diego County fell from $1,338 a month in spring 2011 to $1,309 in the most recent survey.
The association's survey doesn't cover Southwest Riverside County, but the association recently expanded to include landlords in that area. Pentico said he suspects the vacancy rate there hasn't changed much and remains high.
"They're still experiencing the higher per-unit occupancy; they're still seeing what we're moving away from now," he said.
As foreclosures pushed people out of their houses in the mid-2000s, many moved in with family members. The average household size in Southwest County increased 12 percent between 2000 and 2010 to 3.05 per household, according to the U.S. Census Bureau.
Households typically grow or shrink slowly, and a double-digit change is dramatic, Beth Jarosz, a senior demographer with the San Diego Association of Governments, said in an interview last year.
North County household size increased 1 percent to 2.82 people per household over the same 10-year period.
Source: North County Times
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