San Diego County’s average rent hit an all-time high in September of $1,960 a month, said a report released this week from MarketPointe Realty Advisors.
The increase was mainly led by nine new apartment complexes opening in 2018, all commanding higher rates than what most renters probably experienced. Even with record prices, there is some sign rent increases could be slowing.
As of September, average rent increased 5.74 percent in a year. That’s down from 6.36 percent in 2017 and 8.4 percent in 2016. MarketPointe has been producing the report, which comes out twice a year, for more than two decades.
Industry analysts have been predicting a slowdown in rent increases for a variety of reasons, including market saturation and affordability constraints.