San Diego North County, CA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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San Diego North County's multifamily market maintained steady footing through Q4 2025. Vacancy held at 5.8%, a modest uptick from 5.2% a year prior but well within a tight historical range. Asking rents averaged $2,522 per unit, roughly in line with the prior year, while sale pricing stayed near $400,000 per unit. Cap rates held at 4.7% for four consecutive quarters, an unusually consistent read on investor expectations. The construction pipeline contracted to 9,375 units from 11,599 a year ago. What stands out beyond the fundamentals is the transaction volume: top buyers deployed over $1.4 billion in the period, underscoring deep institutional conviction in the submarket's long-term position.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their San Diego North County Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.