New San Diego County real estate projects opening in 2025. Some much-needed multifamily and single-family projects are coming online in the South Bay this year. The South Bay also has the Gaylord Pacific waterfront development. A new extension and exit on I-5 is now dedicated to this significant bayfront hospitality project.
Are San Diego Apartment Rents Getting Rigged By AI? Channel 10 News reports that the City of San Diego is investigating the impact that apartment websites have on rental rates. Studies in other major metropolitan areas have indicated that large multifamily operators have been using leasing platforms that share data, which has increased rents.
The Case Shiller San Diego County market appreciation year-to-date, through July 2024. This table shows the annual market appreciation by year.
As Amazon and other vendors sell and ship prescription medications to your door, retail pharmacy storefronts are increasingly in trouble. Big box retailers such as Costco and Walmart also have in-house pharmacies that compete directly with neighborhood drugstores. Traditional neighborhood drug stores have experienced increased losses due to theft in the front-of-store general merchandise retail area. These changes are causing many locations to shutter.
Pharmacy closures happening all over the United States.
Section 8 Apartment Voucher System - Not Working in 2024. USA Today has an article about apartment tenants needing help finding Section 8 rental units in the current market.
The BBC has an interesting article about commercial property designed to preserve and manage water, which we could learn from here in California.
Rent Cafe has reported the new Multi-Family market rankings based on the most recent Yardi Matrix data from July 2024. According to the report, which tracks Apartment properties with 50 units or more, the units had an average lease renewal rate of 53.10% and an overall occupancy rate of 94.8%. The apartment units turned over were vacant for an average of 43 days and had an average of 10 applicants. You can see the full report here: San Diego Apartment Ranking
The Voice of San Diego reports on potential increases to the local water costs. The San Diego County Water Authority is considering increasing water prices by 18 percent in January 2025.
The Construction Industry Research Board Reports the Final Numbers for Apartment and Housing Construction in San Diego. According to the report, San Diego County built more housing in 2023 than in the previous 17 years. The 2023 total for multi-family was 9,100 units. The additional inventory has done little to curb apartment rental rates. The San Diego apartment market has very limited vacancy and historically high rental rates.
Insurance has started driving multiple real estate markets across the U.S. I see posts about people losing their insurance regularly here in San Diego. The loss of insurance and higher HOA fees in Florida are impacting condominium appraised values. State governments are concerned and trying to assist. Unfortunately, there is no easy solution to this problem.
NPR reports on New Zoning Laws where cities are adopting new laws that allow for higher-density apartment projects with reduced parking requirements and allow for multiple units on standard residential lots. As a result of changes in local zoning laws and the sharp increase in residential values and apartment rents, the highest and best use of many properties has shifted.
