San Diego County's multifamily rental sector has seen vacancy rates increase slightly to 4.5 percent since the fall, according to a recent report.

This level is between the post-recession low and high extremes of 3.6 and 5.4 percent, suggesting that occupancy levels may be stabilizing. Decreasing volatility may be beneficial for rental property management companies and landlords in terms of tenant turnover, and demand is expected to hold steady for now, according to the San Diego County Apartment Association.

Local differences are not too significant, although the metro area does have a somewhat lower vacancy rate than the surrounding county. Stakeholders in the area's multifamily sector indicate that housing demand has levelled off somewhat. This could change as the economic and employment outlook for the area does, but for now they anticipate few alterations.

Rents are reasonably strong, though this slight drop in the occupancy rate suggests rent growth may not be likely. How the region's housing market will develop from here may depend on both local and national economic factors.