Lee & Assosciates 2025 Q3 San Diego North County CA Multifamily

Market Overview

‍The multifamily market in the North County region of San Diego remains grounded in solid fundamentals. Twelve-month net absorption jumped to 4,825 units in Q3 2025, up from 2,071 units a year earlier. Vacancy held steady in the low 5 percent range and average asking rent was roughly $2,535 per unit, essentially flat quarter-over-quarter. Construction activity is moderating, with about 8,876 units under way versus 11,252 a year ago, while sale prices increased slightly to approximately $401,424 per unit and cap rates remained around 4.70 percent.

‍About Lee & Associates

‍Lee & Associates is a full-service commercial real-estate advisory firm operating across the United States. Their North County San Diego multifamily market report provides detailed metrics on rent, vacancy, absorption, development pipeline and transaction trends to help owners, developers and investors assess market timing and strategic positioning. To read the full report, click here.