Written by Lily Leung
June 11, 2012
 |
After completion, Carmel Pacific Ridge in Linda Vista will have 533 units, ranging from $1,500 to $4,000. Amenities include two resort-style pool and spa areas, an outdoor yoga area and gourmet test kitchen. The first wave of units will be available in July. The project is expected to be done by May 2013. — Howard Lipin |
The share of unoccupied rentals
in San Diego County is up slightly from the fall, based on a report
released Monday from the San Diego County Apartment Association.
The
spring vacancy rate is 4.5 percent, increasing from 4.3 percent in the
fall. For context, the post-recession high was 5.4 percent in spring
2009, while the post-recession low was 3.6 percent in fall 2008.
What does the recent increase mean for the local rental market?
"This
slight shift suggests that rental units remain in high demand and are
inching toward more traditional levels," according to the twice-yearly
survey.
The report also found that:
--The
East County had the highest share of unoccupied rentals at 5.6 percent.
North County came in next at 4.9 percent. San Diego city had the
lowest, at 3.4 percent.
--Reported
rent changes are mixed, when comparing the spring to the fall.
According to weighted averages, studios in the spring were $910;
one-bedroom, $1,068; two-bedrooms $1,309; three or more bedrooms,
$1,677. In the fall, they were $899; $1,090; $1,418; and $1,730.
The
survey from the San Diego County Apartment Association is based on a
survey mailed out to almost 6,000 rental property owners and managers.
It received responses from owners and managers who represent 19,682
units.
In a separate report
from data company MarketPointe, the county’s vacancy rate is at 4.43
percent, the lowest it’s been for a given March since 2008, when it was
3.63 percent. On a national level, San Diego has the sixth-lowest
vacancy rate behind New York City, Minneapolis, Portland, Ore., San Jose
and Seattle, the Cassidy-Turley report shows.
Source: UT San Diego
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