San Diego County Apartment Vacancies Are Now the Highest This Century

San Diego County apartment vacancies hit a high of 6.2% at the end of June

According to The San Diego Union-Tribune, San Diego County apartment complexes are now the emptiest they’ve been this century.

"Apartment vacancies hit a record high of 6.2% at the end of June, according to real estate tracker CoStar. That was the highest in more than 25 years of data, and blew past a previous record of a 5.7% vacancy rate in 2009.

It was just a few years ago, in summer 2021, when the region’s vacancy rate was 2.6% — the statistical equivalent of one renter walking out of an apartment and a new tenant walking in a week later.

Vacancies have not, in most cases, resulted in noticeable rent decreases. San Diego County average asking rent was $2,583 a month in late June, up 0.5%, in a year. That figure combines studios, one, two and three bedrooms, across nearly 300,000 units spread out across San Diego County."

So why do we see high-rise apartment buildings under construction all over San Diego County cities?

I've been asking this question for a number of years and all I hear back is "It's State-mandated."

If no one lives in them, they will deteriorate quickly. Pipes need water running in them to keep the seals tight. Toilets need to get flushed. HVAC need frequent usage to keep things running smoothly. These newly built apartments will become less desirable, losing their quality and value over time.

Does this have to do with the Unions needing construction jobs for their members? Or developers needing to get paid for architectural drawings and design and there just isn't a market out there?

This whole build, build, build concept is confusing and just doesn't make sense.

"Build it and they will come?" may work for a baseball field in the 1989 movie "Field of Dreams" but not so much for real life. We don't live in Hollywood make-believe.

Can anyone solve this enigma for me?

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