Despite record levels of apartment construction in San Diego County, with about 16,000 new apartment units expected to be added to the county's stock, there still will not be enough to satisfy the rapid growth in the county.
This is the word from George Carlson, apartment specialist with John Burnham & Co., which compiles apartment and condominium activity reports. July permits for 2,016 new apartment units valued at $69,373,676 were recorded, up 132% from the 894 units valued at $29,914,008 in July, 1984. This is an all-time monthly record for both permit valuations and the number of new units added, he said.
For the period through the end of July, builders in San Diego county added 8,142 new apartment units valued at $271,751,593, a 60% increase over the $169,736,993 valuation for the 4,834 units in the comparable seven-month period last year.
Condominiums are another story, Carlson said, with July permits down for the third straight month, reaching the lowest point in 20 months.