San Diego apartment supply hit a record high in the past year and is set to peak in 1st quarter 2027. In the year-ending 3rd quarter 2026, roughly 6,600 units completed across San Diego, marking the highest annual total since Realpage Market Analytics began tracking the market in 2000. Supply in the past year also surpassed the market’s decade average around the 4,000-unit mark. Annual supply in San Diego is expected to remain elevated, peaking in the year-ending 1st quarter 2027, when roughly 6,880 units are scheduled for completion. After that, supply is slated to come down, aligning closer to the market’s decade average by the end of 2027. Demand is keeping pace with record apartment supply in San Diego, as evidenced by occupancy at 95.7% in October and rents up 1.5% year-over-year. After supply hits its peak and starts to come down, this market is projected to see improvement in both of those metrics.
