San Diego Multifamily Sales Sink 28%, Buyers Vanish
Market Fundamentals Remain Strong Despite Transaction Decline Resilience emerges as the defining characteristic of San Diego's multifamily market. Robust fundamentals continue to anchor investor confidence despite a dramatic 28% plunge in sales transactions. The underlying metrics paint a starkly different picture than the surface-level decline suggests. Vacancy rates remain locked at 4.5%, markedly below the national average of 6%. This demonstrates exceptional market stability that defies broader economic pressures. Despite the decline in transactions, institutional investors continue to eye rental markets in metro areas due to their potential for substantial returns. Rental trends reveal sustained strength with projected rent growth of 2.5% year-over-year. A substantial recovery trajectory is expected heading into 2025. Strong rental demand persists across the region, driven by San Diego's competitive job market. Desirable lifestyle attributes also contribute to this demand...