San Diego rents declined more than 19 of 20 top US markets after surge in supply

San Diego rents fell sharply after a surge in new apartment construction, showing that added supply can move prices even in a high-cost market.

The drop has renewed debate over whether lower rents reflect more housing supply, shifting demand, or local zoning and political constraints.

The case is a timely data point in the housing-policy fight, informing arguments for building more homes versus relying on rent controls or other interventions.