A university forecast of multi-unit housing released this week ranked Santee as having the lowest vacancy rate in all of Southern California's real estate submarkets.
The 2013 USC Casden Multifamily Forecast highlighted El Cajon, Santee, and Lakeside submarkets as having the lowest vacancy rate, with 1 percent.
Mayor Randy Voepel recently wrote that Santee has as the second lowest number of apartments in the county as one reason he supports development at the site of Pinnacle Peak which would include apartments.
The "Parc One" apartment complex at the RiverView site in Town Center will add 172-units to the Santee's stock of apartments when it is completed in late summer 2014..
Average rents increased by 2.75 percent to $1,388 between the second quarters of 2012 and 2013 in San Diego County.
The 2013 USC Casden Multifamily Forecast projects two more years of rent increases as the region’s rental housing market continues to absorb units faster than it completes them.
In the second quarter of this year, San Diego County had the lowest vacancy rate at 2.3 percent, a 37.1 percent decrease from the previous year. It was followed by Los Angeles County at 3.2 percent vacancy (down 10.6 percent), Orange County at 3.2 percent (down 12.4 percent), and the Inland Empire at 3.6 percent (down 17.3 percent).
“Over the next two years, the growth rate for rents will be slower for Los Angeles and Orange County and slightly higher for the Inland Empire and San Diego. Vacancy rates will decrease across all four markets, however it will decrease at a slightly slower rate in Los Angeles, the Inland Empire, and San Diego, and at a higher rate in Orange County,” Green predicted.
