Figures
San Diego Multifamily Figures Q3 2025
November 3, 2025 3 Minute Read
Looking for a PDF of this content?
- Occupancy decreased for the first time since Q1 2024, falling 20 bps Q-o-Q.
- Vacancies expanded thanks in part to demand landing in the red; net absorption was negative 104 units, compared to 1,953 units of positive demand in Q2.
- New inventory, while limited compared to most recent quarters, further impacted occupancy: 720 units were completed in Q3, the first quarter less than 1,000 units delivered since Q1 2024.
- Rent growth has been hard to come by since 2023 and that trend continued in Q3, with the average rent per unit decreasing by 0.4% Q-o-Q and 1.4% Y-o-Y.
- Multifamily sales volume pulled back for a third consecutive quarter, reaching $575.4 million vs. $733.6 million in Q2 and $793.3 million in Q3 2024.
- While the average price per unit fell by 10.9% Q-o-Q, sales volume was most impacted by an absence of nine-figure trades.