San Diego North County, CA Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

San Diego North County's multifamily market remained stable over the past year, supported by consistent renter demand, with net absorption reaching approximately 3,939 units even as vacancy ticked up slightly to 6.1%. Asking rents held relatively flat near $2,546 per unit, indicating a pause in rent growth, while sale pricing per unit stayed steady around $400,000 and cap rates held at 4.7%, signaling continued investor confidence despite higher borrowing costs. Construction activity declined notably, with units under construction dropping to 8,651 from 11,332 a year earlier, leaving the market positioned with balanced fundamentals and steady investor demand entering the next year.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 San Diego North County multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.