San Diego Multifamily Market Report – February 2025

Market Overview

San Diego’s multifamily performance remains among the most resilient in California, according to Yardi Matrix. While rent growth has slowed to the low single digits, the market benefits from limited new supply and strong economic drivers like life sciences and tech employment. Occupancy remains stable near 96%, and supply pipelines are thinning due to rising construction costs and tighter lending conditions. Demand continues to be concentrated in higher-income suburban submarkets, where affordability is less of a concern.

About Yardi Matrix

Yardi Matrix stands at the intersection of software and research, offering a uniquely detailed window into U.S. multifamily markets. With a research team that manually verifies property details and market movement, their reports are known for precision and credibility. They also offer proprietary indices and trend visualizations that help decode complex shifts in performance. For a supply-constrained market like San Diego, where affordability and development limitations are key issues, Yardi Matrix delivers clarity by zooming in on construction pipelines, asset class behavior, and submarket performance—arming investors with everything from macro trends to property-level insights.