January 31, 2017
San Diego ranks among the top five military markets for multifamily properties nationally, according to research from Axiometrics. The military is helping to drive the regions’ economic engine, and is having a “multiplier effect” across San Diego.
The top five military-heavy metros where strong apartment markets are found include San Diego, San Antonio, TX, Colorado Springs, CO, Fayetteville, NC and Norfolk, VA.
San Diego is the largest MSA on the list, and home to multiple U.S. military installations. That includes Naval Base San Diego, the home base for the Navy’s Pacific Fleet.
San Diego’s key military multifamily market facts:
- Highest military population in nation at 43,597 people, nearly double number two Norfolk, VA’s 22,687
- Average annual rent growth of 5.6% in 2016
- Rent growth rate down roughly 130 bps from the 6.9% of 2015, but pales in comparison to slowdowns experienced in other California metros
- Rent growth is well above the 1998-2015 long term average of 3.7%
For comments, questions or concerns, please contact Dennis Kaiser