San Diego’s rental market is experiencing a significant decline, with the median rent for a one-bedroom apartment dropping to $2,220 in January 2024. This figure represents a 5.5% decrease compared to the previous year, according to the latest national rent report from Zumper. As a result, the San Diego metropolitan area has fallen to ninth place in the rankings of the most expensive rental markets in the United States, down from seventh place where it had remained for nearly two years post-pandemic.
The downward trend is particularly notable given that just a few months ago, in November 2023, San Diego still ranked among the top seven rental markets. While it began last year at tenth place, it briefly climbed back before its recent decline. The most expensive rental market in the country remains New York City, where the median rent for a one-bedroom apartment reached an eye-watering $4,320 in January. This is followed closely by San Francisco at $3,670 and Jersey City at $3,000.
Zumper’s CEO, Anthemos Georgiades, commented on the current state of the rental market, stating, “The U.S. rental market is largely frozen right now, caught between elevated economic uncertainty and the normal seasonal slowdown we see in the winter months.” Nationally, rents have decreased by 2% year-over-year, but Southern California, including San Diego, is experiencing a more pronounced slowdown due to an increase in rental supply.
Real estate tracker CoStar projects that San Diego County will see the addition of approximately 3,670 new apartments this year. Although this number is a reduction from 6,176 new units in 2025, it remains above historical averages. Recent studies from organizations such as Apartment List have noted that increased supply is contributing to the softer rent growth, alongside a weaker job market and ongoing economic uncertainty.
In a statement addressing the situation, the White House attributed the decline in rental prices to measures taken during President Donald Trump’s administration, emphasizing that these actions have provided “real, immediate relief to American families.”
The variation in rental prices across San Diego County is notable, with significant differences based on location and apartment size. Zumper’s data highlights these disparities, revealing how different cities within the county compare in terms of monthly rent.
Rental Prices Across San Diego County
Coronado tops the list as the most expensive area in the county, with a median one-bedroom rent of $3,190, marking a slight increase of 0.3% from the previous month but a decrease of 14.2% year-over-year. Additionally, the median rent for a two-bedroom apartment in Coronado stands at $5,600, which has dropped by 5.1% compared to last month and 1.8% over the past year.
In Carlsbad, one-bedroom apartments have a median rent of $2,480, reflecting a 0.4% monthly increase but a 1.2% annual decline. The two-bedroom median rent in Carlsbad is $3,510, showing an increase of 6% month-over-month and 5.4% year-over-year.
San Marcos has a median one-bedroom rent of $2,390, which has decreased by 2.4% in a month but increased by 4.4% over the year. Meanwhile, the two-bedroom median rent is $2,750, down by 1.8% for both monthly and annual comparisons.
In downtown San Diego, the median rent for a one-bedroom apartment is $2,260, up by 0.4% in a month but down 1.7% year-over-year. The two-bedroom median rent stands at $2,990, remaining flat monthly but down by 5.1% annually.
Other notable areas include Vista, where the one-bedroom median remains at $2,220, unchanged from the previous month but down 0.5% year-over-year. In Oceanside, the median rent for a one-bedroom apartment is $2,040, reflecting a monthly decline of 6% and an annual decrease of 11.3%.
Chula Vista and La Mesa show stability in their rental prices, with Chula Vista’s one-bedroom median at $2,000 and La Mesa also at $2,000, both flat month-over-month and year-over-year.
As the rental landscape in San Diego continues to shift, potential renters may find opportunities in the current market conditions, especially considering the anticipated increase in available housing throughout the year.
