San Diego, CA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

San Diego closed Q3 2025 with occupancy at 96.3% in August, up 10 basis points year-over-year and a substantial 160 basis points above the U.S. average, even as 2023 and 2024 ranked as decade peaks for deliveries. Asking rents dipped a modest 0.2% on a trailing three-month basis through September to $2,732, reflecting continued absorption of that prior supply. Construction slowed but remained active, with 12,474 units underway as of September. The metro added 6,300 net jobs through July, led by education and health services and government, while employment growth continued to close the gap with the national rate. Long-term demand anchors include the planned redevelopment of the Navy's Point Loma campus and UC San Diego Health's multibillion-dollar Hillcrest rebuild.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their San Diego November 2025 multifamily market report covers asking rents, occupancy, construction pipeline activity, and transaction volume to help owners and investors assess market conditions. To read the full report, click here.