San Diego Rental Market Trend Report - June 7th, 2021

The San Diego Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.

• Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month-over-month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020, we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
• Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
• Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
• Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as out-migration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.

San Diego Rental Market Trend Analysis

Active Listings

Active listings for January of 2020 were strong with a 55% increase month-over-month. Minor losses and gains were reported over the reporting period. July posted the biggest gain with listings reaching their highest gain at 67% month-over-month. In 2021, March was up 18%, which was quickly followed by a decrease in April and a small increase in May. Los Angeles has posted similar trends throughout 2020 and 2021.

Renter Leads and Average Leads Per Property

Demand at the beginning of 2020 was strong with a 27% and 104% increase reported for the first two months and 45 leads per property in February of 2020. Many cities were reporting bumps in May, as did San Diego with a 57% increase after a two-month decline and the highest number of leads per property reported at 46. Summer demand was tempered and down every month. November demand showed promise with a 366% increase month-over-month. In 2021, renter leads have remained positive with an increase of 31% in renter leads in February – renter leads currently sit at 16 per property.

Average Rent

Year-over-year the average rent amount for a two-bedroom listing is down by around $200 as of June 2021. Decreases year-over-year have been reported for all of 2021 with the exception of April. As the demand began to fall off, rent prices followed with June of 2021 reporting at one of the lowest average rent amounts at $1,783 in the 15-month reporting period, second to November 2020 at $1,700. Similar rent trends were seen in Los Angeles.

We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.

If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.