San Diego Rent Declines Are 22nd Highest Among Major Metro Areas
San Diego metro area apartment rents dropped 2 percent through last year -- the 22nd largest decline among large U.S. cities, according to data from Axiometrics.com compiled by Business Week Magazine. San Diego rents declined 1.6 percent in last year's fourth quarter; they had been rising at a 0.4 percent rate in the fourth quarter of 2007 -- hence, the 2 percent downward swing. The metro area with the biggest decline was Salt Lake City at 5.6 percent. Rents there declined 2.3 percent in the fourth quarter of 2008 after rising 3.3 percent in the fourth quarter of 2007. The effective rent (including landlord concessions) was $1,440.40 in San Diego at yearend. The vacancy rate was 5.2 percent at yearend 2008 versus 4 percent at yearend 2007.
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