According to the SDCAA s

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1 FALL 2017 Vacancy & al Rate Survey Survey shows rising rents and lower vacancies; reflects improving economic factors and need for more housing Kzlobastov Dreamstime.com According to the SDCAA s Fall 2017 Vacancy and al Rate Survey, the countywide vacancy rate declined to 3.3 percent from 3.7 percent reported in the Spring 2017 survey. The Countywide Weighted Average monthly rental rate among studio to 3-bedroom units rose to $1,793 in Fall 2017 from $1,658 last Spring and higher than the $1,719 recorded in Fall Vacancy rates declined in all parts of the San Diego region. The City of San Diego s vacancy rate dipped slightly lower to 3.2 percent from 3.3 percent posted in Spring 2017 San Diego s vacancy also was at 3.2 percent this time last year. San Diego County s overall vacancy rate dropped from 4.1 percent to 3.4 percent from Spring 2017 to Fall the county s vacancy rate was 7.0 percent this period last year. The vacancy rate in the eastern areas of San Diego County dipped from 3.7 to 3.2 percent, and South Bay dropped from 3.7 percent to 2.8 percent. North County also fell from 5.1 percent to 3.9 percent, but still had the highest vacancy rate in the region. The weighted average rent rate for studio, one- and twobedroom units continued to rise from Spring 2017 and Fall 2016; however, rents for three-bedroom units were lower than last Spring and Fall. For studio units, rent averages increased from Spring 2017 to Fall 2017 from $1,158 to $1,251. averages rose from $1,432 to $1,564 for onebedrooms, with two- bedroom units increasing from $1,763 to $1,912. In Fall 2017, rent averages for three-bedroom units were at $2,317, which was lower than rents recorded in Spring 2017 at $2,330 and $2,323 last Fall. The increase in three of the four unit types raised the overall weighted average rent from $1,719 in Spring 2017 to $1,793 this Fall. The survey data could be validating the conclusions drawn from other economic reports that an expanding economy, continued job growth, high demand, and a limited supply of available housing in the San Diego region are contributing to lower vacancies and higher rents. More individuals and families are moving out in search of their own place to live as their personal finances improve. Reports indicate that more Baby Boomers and Millennials, for the time being, are choosing to rent rather than purchasing a home. Thus, the survey data could suggest these factors are increasing demand for single and multifamily rental units, pushing rents higher and vacancies lower. Survey results showing the continued rise in rents among studio apartments, and one- and two-bedroom units could indicate that singles, childless couples, and small families are looking for smaller-sized rental units. December 2017 alowner 25

2 The data also reflects the critical need for more housing in the San Diego region. According to a recent NAA/NMHC report, the San Diego region needs to build an additional 73,000 apartment units to keep up with existing demand. Although a package of bills intended to increase housing construction was enacted into law in October, and some San Diego cities are taking action to permit more housing, it may take several years before those impacts are felt and we see vacancy rates and rents stabilize. The SDCAA encourages state and local officials act now to adopt policies that improvs housing affordability and supply. The SDCAA Vacancy & al Rate Surveys is one of most unique surveys in the San Diego Region. The survey records information on a variety of rental units including single-family homes, condos, townhomes, duplexes, and large multifamily apartment communities. The SDCAA conducts the Vacancy and al Rate Survey twice a year mailing surveys to SDCAA members and non-members in the early spring and autumn surveys are returned via mail, fax, and . Since 1958, the SDCAA Vacancy and al Rate survey is the most comprehensive and longest running in the San Diego region. Survey data does fluctuate among zip codes depending on the number of survey responses and sometimes the data can make it difficult to determine market trends, so it is recommended that owners and managers review rental rates in other nearby zip codes, review survey data from previous surveys, and market industry data from other sources. The Fall 2017 Survey was mailed in early September to approximately 6,000 rental property owners and managers in the San Diego region and received responses totaling 21,361 units. Respondents were asked about their rental rate and if the unit was unoccupied on a certain date, and to provide the property s age and unit size to accurately reflect the variety of rental housing available to area residents. It is important to note that comparisons among the survey do not necessarily reflect the performance of a particular sample of rental units over time because of varied amount of responses that occur. Year Survey Historical Vacancy Rate 2007 to 2017 Overall Vacancy Rate Overall City of San Diego Vacancy Rate Did you know... SDCAA has a bookstore through Amazon? The SDCAA Bookstore carries: Books on Property Management and Investing Smoke and Carbon Monoxide Detection Devices Files and Cabinets Property Advertising Signs and much more. Visit the SDCAA bookstore at com/s0bbd-20 City of San Diego County of San Diego Vacancy Rate County of San Diego Spring 5.1% 50, % 27, % 23, Fall 3.4% 38, % 23, % 15,020 Spring 4.8% 38, % 23, % 15, Fall 3.6% 37, % 17, % 19,580 Spring 5.4% 33, % 18, % 14, Fall 5.0% 38, % 20, % 17,752 Spring 4.9% 50, % 24, % 25, Fall 4.6% 36, % 18, % 18,084 Spring 3.9% 25, % 10, % 15, Fall 4.3% 19, % 8, % 11,370 Spring 4.5% 19, % 6, % 12, Fall 4.5% 25, % 9, % 15,880 Spring 4.5% 26, % 9, % 16, Fall 4.1% 17, % 6, % 11,805 Spring 2.8% 12, % 4, % 8, Fall 2.3% 16, % 8, % 7,962 Spring 4.1% 18, % 10, % 7, Fall 2.6% 19, % 9, % 9,917 Spring 4.5% 21, % 9, % 12, Fall 5.4% 21, % 9, % 11,676 Spring 3.7% 29, % 14, % 14, Fall 3.3% 21, % 11, % 9, alowner December 2017

3 Zip Codes City of San Diego Vacancy Rates by Community & Property Age City/Area Name All Over 25 Years 6 to 25 Years Less Than 6 Years Property Age Undefined 92037, 93, 161 La Jolla 1.5% % % Downtown San Diego 2.7% % % % % Golden Hill/ Mt. Hope/ Chollas View 8.0% % Hillcrest / Mission Hills 1.5% % % North Park 2.0% % % % City Heights / East San Diego 12.3% % Point Loma 66.7% % % Ocean Beach 2.1% % % Mission Valley 4.1% % % Pacific Beach 2.0% % % % 94 0 Old Town / Bay Park 7.9% % % Linda Vista 7.4% % Logan Heights 0.0% % Encanto 3.4% % College Grove 0.9% % % % Normal Heights 3.6% % % % Clairemont 1.8% % San Carlos 4.7% % % Del Cerro 2.1% % % University City 4.1% % Kearny Mesa/ Serra Mesa 0.0% % Tierrasanta 3.1% % Mira Mesa 4.2% 1, % 1, % Westwood 2.0% % Rancho Bernardo 2.5% % % Rancho Peñasquitos 0.9% % % Carmel Valley 1.0% % Scripps Ranch / Miramar 5.5% % % Otay Mesa 2.8% 2, % % % % San Ysidro 0.0% % 28 0 December 2017 alowner 27

4 Zip Codes County of San Diego Vacancy Rates by Community & Property Age City/Area Name All Over 25 Years 6 to 25 Years Less Than 6 Years Property Age Undefined 91907, 09, 10, 11, Chula Vista 12, 13, 14, % 2, % % % % Bonita 0.0% % , , 42, 43, 44 Imperial Beach La Mesa 2.5% % % % % 1, % % % , 45, 46 Lemon Grove 0.0% % % , , 77, 78, 79 National City Spring Valley 15.3% % % % % % % Borrego Springs 0.0% % Cardiff By the Sea 40.0% % , , 26, 27, , 09, 10, 11 Encinitas Escondido Carlsbad 3.0% % % % % % % % % Del Mar 4.4% % , 20, 21, El Cajon 22, % 1, % % Fallbrook/ Rainbow 4.2% % Julian 0.0% % Lakeside 0.0% % , 50, 51, 52, 54, 56, Oceanside 57, % % % Poway 1.8% % % % Ramona 14.3% % , 73, 76, 77, San Marcos 78, % % Santee 14.3% % Solana Beach 4.0% % % , 83, 84, Vista % % % Coronado 0.5% % % alowner December 2017

5 Foundation Repair - Residential - Commercial - Field Evaluations - Deep Driven Steel Piles - Epoxy Crack Repair - Polyurethane Void Fill - Eco-Friendly - Financing Available - Lifetime Warranty Helical Pile Call The Experts! info@ramjackpacific.com LIC# Driven Pile Weighted Average s City/Area Name Fall 2017 Fall 2017 Fall 2017 City of San Diego (only) County of San Diego (Including the City of San Diego) of Bedrooms /Properties Surveyed Average per Sq. Ft. Studio 424/31 $1,329 $ Bedroom 3975/134 $1,633 $ Bedrooms 6173/193 $1,976 $ Bedrooms 881/51 $2,401 $1.94 Studio 738/55 $1,251 $ Bedroom 7661/222 $1,564 $ Bedrooms 11472/328 $1,912 $ Bedrooms 1490/104 $2,317 $1.90 Vacancy Report By Region Location Age of Property Less than 6 years 0.0% years 2.5% East County Over 25 Years 3.7% 2, Age Undefined 2.2% % 3, Less than 6 years 3.7% years 0.0% 2 0 North County Over 25 Years 4.2% 2, Age Undefined 2.8% % 3, Less than 6 years 11.3% years 3.5% 1, City of San Diego Over 25 Years 3.0% 6, Age Undefined 3.1% 1, % 8, Less than 6 years 4.3% 6, years 3.4% 1, South Bay Over 25 Years 1.7% 1, Age Undefined 2.8% 2, % 5, Countywide 3.3% 21, Vacancy Report By County/City Location Age of Property County of San Diego City of San Diego Less than 6 years 6.8% years 2.1% Over 25 years 3.7% 6, Age Undefined 2.6% 2, % 9, Less than 6 years 5.0% years 3.6% 2, Over 25 years 2.9% 6, Age Undefined 3.1% 1, % 11, Countywide 3.3% 21, December 2017 alowner 29

6 Vacancy Report by Unit Type - Property Age All Size of Over 25 Years 6 to 25 Years Less Than 6 Years Property Age Undefined Studio 2.0% % % % % Bedroom 3.1% 7, % 4, % % % 1, bedrooms 3.4% 11, % 6, % 1, % % 2, Bedrooms 4.0% % % % % ,490 Be at the center of it all Register Now! APARTMENTALIZE Powered by NAA Complete Electrical Service and Installation No job is too small... No problem is too large! Apartment Property Specialists Experienced Professionals Competitive Prices Bonded & Insured Swift Response License #: C To reach us please call: (Coastal) (Inland) Address: kennedyelectric@cox.net Web Address: Take advantage of our monthly lighting and boom truck service. June 13-16, 2018 San Diego 30 alowner December 2017 December 2017.indd 30 12/1/ :23:15 AM

7 Zip Code(s) , 93, 161 City/Area Name City of San Diego Weighted Average s by Community & Unit Type Unit Type Fall 2017 / Fall 2017 Average Properties Surveyed Monthly Fall 2017 Average /Sq. Foot Spring 2017 Average Monthly Fall 2016 Average Monthly Studio 0/0 $0 $0.00 $1,500 $0 1 Bedroom 160/1 $1,760 $2.80 $1,891 $2,704 Carmel Valley 2 Bedrooms 240/1 $2,152 $2.28 $2,469 $3, Bedrooms 0/0 $0 $0.00 $3,697 $3,760 Studio 1/1 $995 $2.37 $977 $0 City Heights / 1 Bedroom 30/6 $1,028 $1.66 $1,140 $750 East San Diego 2 Bedrooms 33/9 $1,400 $1.76 $1,304 $1, Bedrooms 1/1 $2,300 $1.50 $1,400 $1,600 Clairemont College Grove Del Cerro Downtown San Diego Encanto Studio 10/1 $1,200 $2.00 $1,150 $1,050 1 Bedroom 104/5 $1,160 $1.72 $1,613 $1,181 2 Bedrooms 469/6 $1,715 $1.93 $1,824 $1, Bedrooms 14/2 $1,782 $1.86 $1,700 $1,722 Studio 2/1 $1,095 $2.74 $0 $0 1 Bedroom 177/9 $1,255 $1.75 $1,184 $1,196 2 Bedrooms 293/15 $1,691 $1.57 $1,646 $1, Bedrooms 57/5 $2,431 $2.32 $2,312 $2,201 Studio 22/1 $1,100 $2.27 $1,050 $0 1 Bedroom 223/2 $1,366 $1.88 $1,265 $1,450 2 Bedrooms 88/5 $1,639 $1.66 $1,453 $1, Bedrooms 1/1 $2,400 $1.30 $0 $2,874 Studio 25/2 $1,071 $2.54 $1,095 $1,823 1 Bedroom 106/5 $1,973 $2.75 $1,208 $2,089 2 Bedrooms 19/4 $3,229 $2.94 $1,382 $3, Bedrooms 0/0 $0 $0.00 $0 $0 Studio 0/0 $0 $0.00 $895 $0 1 Bedroom 1/1 $950 $1.46 $995 $950 2 Bedrooms 19/4 $1,264 $1.57 $1,125 $1, Bedrooms 9/2 $1,400 $1.33 $1,435 $1,363 Studio 16/1 $1,200 $2.86 $832 $788 Golden Hill / 1 Bedroom 62/2 $1,453 $2.62 $1,125 $1,048 Mt. Hope / Chollas View 2 Bedrooms 34/4 $1,612 $1.92 $1,168 $1, Bedrooms 1/1 $2,000 $1.48 $1,309 $0 Hillcrest / Mission Hills Studio 28/6 $1,037 $2.88 $954 $962 1 Bedroom 151/12 $1,314 $2.49 $1,293 $1,354 2 Bedrooms 86/15 $1,778 $2.11 $1,751 $1, Bedrooms 0/0 $0 $0.00 $2,518 $2,608 1 Bedroom 0/0 $0 $0.00 $0 $0 Kearny Mesa 2 Bedrooms 0/0 $0 $0.00 $0 $1,052 La Jolla 3+ Bedrooms 2/2 $1,900 $1.62 $1,663 $2,050 Studio 55/1 $1,700 $3.27 $1,580 $1,813 1 Bedroom 65/3 $1,743 $2.72 $1,462 $1,964 2 Bedrooms 68/4 $1,805 $1.79 $1,865 $1, Bedrooms 12/1 $2,700 $2.84 $0 $2,800 December 2017 alowner 31

8 Zip Code(s) City/Area Name Linda Vista City of San Diego Weighted Average s by Community & Unit Type Unit Type Fall 2017 / Properties Surveyed Fall 2017 Average Monthly Fall 2017 Average /Sq. Foot Spring 2017 Average Monthly Fall 2016 Average Monthly Studio 2/2 $625 $1.94 $938 $625 1 Bedroom 2/1 $775 $1.96 $1,097 $775 2 Bedrooms 4/4 $1,474 $1.47 $1,302 $1, Bedrooms 19/5 $1,237 $1.26 $1,519 $1,998 Studio 0/0 $0 $0.00 $950 $0 1 Bedroom 12/3 $1,171 $2.21 $999 $970 Logan Heights 2 Bedrooms 5/3 $1,394 $1.70 $1,241 $1,325 Mira Mesa 3+ Bedrooms 2/2 $1,118 $1.19 $0 $0 Studio 80/1 $1,655 $3.31 $0 $0 1 Bedroom 616/4 $1,793 $2.51 $1,688 $1,657 2 Bedrooms 966/4 $2,004 $2.21 $1,989 $1, Bedrooms 56/2 $2,266 $1.91 $2,090 $2,310 1 Bedroom 228/2 $2,019 $2.66 $1,861 $1,761 Mission Valley 2 Bedrooms 605/6 $2,390 $2.16 $1,981 $2,232 Normal Heights North Park 3+ Bedrooms 35/2 $2,949 $2.20 $2,388 $2,558 Studio 11/5 $870 $2.16 $813 $774 1 Bedroom 35/10 $1,197 $2.00 $1,119 $1,152 2 Bedrooms 36/10 $1,480 $1.81 $1,423 $1, Bedrooms 1/1 $2,665 $1.84 $0 $1,910 Studio 14/3 $671 $1.73 $625 $636 1 Bedroom 230/27 $1,186 $1.90 $1,136 $961 2 Bedrooms 98/24 $1,433 $1.56 $1,379 $1, Bedrooms 6/3 $1,818 $1.62 $1,367 $1,988 Studio 8/1 $1,270 $3.63 $1,250 $1,163 1 Bedroom 73/5 $1,448 $2.55 $1,387 $1,402 Ocean Beach 2 Bedrooms 52/12 $1,588 $1.88 $1,464 $1,537 Old Town / Bay Park Otay Mesa 3+ Bedrooms 8/2 $1,941 $1.87 $2,004 $1,595 Studio 23/1 $930 $3.10 $1,424 $930 1 Bedroom 106/3 $1,936 $2.29 $1,905 $1,049 2 Bedrooms 100/5 $2,210 $2.58 $2,472 $1, Bedrooms 0/0 $0 $0.00 $3,882 $0 1 Bedroom 543/8 $1,642 $2.25 $1,615 $1,553 2 Bedrooms 1580/11 $1,838 $1.56 $1,823 $1, Bedrooms 431/6 $2,357 $1.83 $2,466 $2,323 Studio 22/3 $1,347 $3.43 $1,155 $1,265 1 Bedroom 169/16 $1,318 $3.48 $1,426 $1,298 Pacific Beach 2 Bedrooms 91/21 $1,878 $1.99 $1,754 $1, Bedrooms 14/4 $2,756 $2.70 $2,670 $2, alowner December 2017

9 Zip Code(s) City/Area Name Point Loma Rancho Bernardo Rancho Peñasquitos San Carlos San Ysidro Scripps Ranch / Miramar Tierrasanta University City Westwood City of San Diego Weighted Average s by Community & Unit Type Unit Type Fall 2017 / Fall 2017 Average Fall 2017 Average Properties Surveyed Monthly /Sq. Foot Spring 2017 Average Monthly Fall 2016 Average Monthly 1 Bedroom 2/1 $1,175 $1.96 $1,096 $1,076 2 Bedrooms 16/2 $2,916 $2.24 $1,388 $0 3+ Bedrooms 0/0 $0 $0.00 $0 $0 1 Bedroom 0/0 $0 $0.00 $0 $1,250 2 Bedrooms 185/7 $2,618 $2.37 $0 $1, Bedrooms 93/3 $3,059 $2.32 $2,108 $2,725 Studio 105/1 $1,350 $3.00 $0 $0 1 Bedroom 72/1 $1,600 $2.14 $0 $0 2 Bedrooms 34/3 $1,772 $1.83 $1,389 $1, Bedrooms 2/2 $2,175 $1.74 $2,150 $1,906 Studio 0/0 $0 $0.00 $1,312 $1,279 1 Bedroom 98/1 $1,650 $2.06 $1,617 $1,475 2 Bedrooms 92/4 $1,969 $1.89 $1,952 $1, Bedrooms 2/2 $1,958 $1.35 $2,248 $1,970 Studio 0/0 $0 $ Bedroom 0/0 $0 $ Bedrooms 28/2 $1,243 $ Bedrooms 0/0 $0 $ Bedroom 133/2 $2,043 $2.86 $0 $1,890 2 Bedrooms 141/2 $2,383 $2.44 $0 $2, Bedrooms 0/0 $0 $0.00 $1,375 $0 1 Bedroom 237/2 $1,748 $2.71 $0 $1,681 2 Bedrooms 575/3 $1,993 $1.88 $2,000 $1, Bedrooms 0/0 $0 $0.00 $0 $1,900 1 Bedroom 196/1 $1,914 $3.15 $1,730 $1,902 2 Bedrooms 72/2 $2,901 $2.76 $2,212 $2, Bedrooms 1/1 $2,600 $1.91 $0 $0 1 Bedroom 144/1 $1,795 $2.48 $1,710 $1,698 2 Bedrooms 144/1 $2,150 $1.89 $2,050 $2, Bedrooms 114/1 $2,295 $1.88 $2,193 $2,224 December 2017 alowner 33

10 County of San Diego Weighted Average s by Community & Unit Type Zip Code(s) City/Area Name Unit Type Fall 2017 / Fall 2017 Average Fall 2017 Average Properties Surveyed Mo. /Sq. Foot Spring 2017 Fall Bonita Borrego Springs 92008, 09, 10, 11 Carlsbad 91907, 09, 10, 11, 13, 14, , Chula Vista Coronado Del Mar 92019, 20, 21, 22, 90 Descanso 92019, 20, 21, 22, 90 El Cajon 92023, Encinitas Cardiff By the Sea Studio 0/0 $0 $0.00 $0 1 Bedroom 0/0 $0 $0.00 $1,200 2 Bedrooms 1/1 $2,200 $1.83 $1, Bedrooms 0/0 $0 $0.00 $0 Studio 0/0 $0 $0.00 $0 1 Bedroom 1/1 $500 $0.59 $500 2 Bedrooms 0/0 $0 $0.00 $0 3+ Bedrooms 0/0 $0 $0.00 $0 Studio 9/2 $1,089 $2.76 $1,036 $1,030 1 Bedroom 20/3 $1,433 $2.16 $1,352 $1,459 2 Bedrooms 317/6 $2,546 $2.40 $1,460 $1, Bedrooms 1/1 $3,200 $1.56 $2,000 $2,693 Studio 10/5 $947 $2.20 $915 $97 1 Bedroom 1064/24 $1,407 $2.09 $1,320 $1,400 2 Bedrooms 1301/27 $1,730 $1.83 $1,610 $1, Bedrooms 121/9 $2,095 $1.70 $1,931 $2,084 1 Bedroom 0/0 $0 $0.00 $1,570 $1,600 2 Bedrooms 1/1 $1,750 $3.11 $2,078 $0 3+ Bedrooms 0/0 $0 $0.00 $3,491 $0 Studio 10/1 $1,845 $4.05 $1,763 $0 1 Bedroom 145/5 $2,075 $2.82 $1,986 $2,334 2 Bedrooms 195/6 $2,501 $2.49 $2,407 $2, Bedrooms 12/1 $2,919 $2.16 $2,987 $2,727 Studio $0 1 Bedroom $0 2 Bedrooms $0 3+ Bedrooms $1,675 Studio 73/3 $1,022 $2.35 $1,009 $997 1 Bedroom 695/10 $1,421 $2.15 $1,298 $1,360 2 Bedrooms 649/15 $1,742 $1.92 $1,559 $1, Bedrooms 143/8 $2,175 $1.91 $1,900 $1,922 Studio 11/2 $1,414 $4.32 $0 $1,000 1 Bedroom 30/3 $1,737 $3.83 $1,543 $1,579 2 Bedrooms 26/3 $2,819 $3.41 $1,454 $1, Bedrooms 0/0 $0 $0.00 $0 $2,160 Studio 1/1 $1,600 $3.20 $1,600 $1,600 1 Bedroom 2/1 $1,750 $2.36 $1,750 $1,700 2 Bedrooms 1/1 $2,100 $2.44 $2,400 $2, Bedrooms 1/1 $2,200 $1.52 $2,200 $0 34 alowner December 2017

11 County of San Diego Weighted Average s by Community & Unit Type Zip Code(s) City/Area Name Unit Type Fall 2017 / Properties Surveyed Fall 2017 Average Fall 2017 Average Mo. /Sq. Foot Spring 2017 Fall , 26, 27, 1 Bedroom 367/3 $1,315 $2.09 $1,208 $1,114 29, 30, Escondido 2 Bedrooms 268/8 $1,689 $1.79 $1,630 $1,302 33, Bedrooms 39/3 $2,212 $1.58 $2,465 $1, Studio 1/1 $730 $1.83 $880 $831 Fallbrook / 1 Bedroom 6/1 $850 $1.31 $966 $945 Rainbow 2 Bedrooms 11/1 $950 $1.27 $1,243 $1, Bedrooms 0/0 $0 $0.00 $0 $ , 33 Studio 36/1 $1,270 $3.02 $1,213 $1,267 Imperial 1 Bedroom 30/5 $1,302 $2.13 $1,138 $1,043 Beach 2 Bedrooms 90/8 $1,444 $1.62 $1,376 $1, Bedrooms 7/4 $1,964 $1.69 $1,593 $1, Studio 0/0 $0 $0.00 Julian 1 Bedroom 0/0 $0 $ Bedrooms 1/1 $1,200 $ Bedrooms 0/0 $0 $ , Studio 57/4 $1,077 $2.25 $962 $0 42, 43, 44 1 Bedroom 428/8 $1,512 $2.08 $1,480 $1,677 La Mesa 2 Bedrooms 482/10 $1,947 $1.96 $1,886 $1, Bedrooms 128/5 $2,358 $1.78 $2,281 $2, Studio 25/2 $1,011 $2.26 $700 $0 Lakeside 1 Bedroom 31/2 $1,084 $1.95 $0 $0 2 Bedrooms 15/6 $1,227 $1.54 $1,138 $1, Bedrooms 2/2 $2,398 $1.04 $1,375 $ , Studio 0/0 $0 $0.00 $895 $0 45, 46 1 Bedroom 0/0 $0 $0.00 $0 $895 Lemon Grove 2 Bedrooms 23/2 $1,384 $1.56 $1,170 $1, Bedrooms 12/2 $1,636 $1.76 $1,506 $1, , 51 Studio 0/0 $0 $0.00 $925 $0 1 Bedroom 14/1 $1,600 $2.06 $995 $0 National City 2 Bedrooms 55/3 $1,829 $1.79 $1,355 $0 3+ Bedrooms 29/3 $2,203 $1.85 $0 $2, , Studio 40/1 $1,160 $2.70 $1,086 $1,092 50, 51, 1 Bedroom 239/9 $1,512 $2.23 $1,322 $1,317 52, 54, Oceanside 2 Bedrooms 480/13 $1,735 $1.84 $1,666 $1,673 56, 57, Bedrooms 2/2 $2,175 $1.16 $2,148 $2, , 74 Studio 0/0 $0 $0.00 $0 Poway 1 Bedroom 1/1 $1,000 $2.00 $1,398 2 Bedrooms 0/0 $0 $0.00 $1, Bedrooms 1/1 $2,400 $1.91 $0 survey continued on page 43 >>> December 2017 alowner 35

12 >>>survey continued from page 27 County of San Diego Weighted Average s by Community & Unit Type Zip Code(s) City/Area Name Unit Type Fall 2017 / Properties Surveyed Fall 2017 Average Mo. Fall 2017 Average /Sq. Foot Spring 2017 Fall , 73, 76, 77, 78, , Ramona Studio 0/0 $0 $ Bedroom 0/0 $0 $ Bedrooms 28/1 $1,295 $ Bedrooms 0/0 $0 $0.00 Studio 0/0 $0 $0.00 $0 $647 San Marcos 1 Bedroom 130/2 $1,505 $2.36 $1,686 $1,340 2 Bedrooms 298/4 $1,696 $1.79 $2,158 $1, Bedrooms 28/1 $2,195 $2.00 $1,990 $0 Santee 1 Bedroom 82/2 $1,332 $2.31 $1,581 $1,391 2 Bedrooms 337/4 $1,726 $1.88 $1,800 $1, Bedrooms 30/3 $1,901 $1.79 $2,277 $1,901 Studio 6/1 $1,025 $2.56 $995 $1,000 1 Bedroom 77/1 $1,925 $2.84 $1,775 $1,865 Solana Beach 2 Bedrooms 91/1 $2,272 $2.47 $1,750 $2, Bedrooms 9/2 $3,624 $3.36 $0 $2, , 77, 78, 1 Bedroom 24/2 $1,403 $1.99 $1,238 $1, Spring Valley 2 Bedrooms 88/7 $1,684 $1.73 $1,524 $1, Bedrooms 21/2 $1,919 $1.65 $1,847 $1, , Studio 56/1 $1,350 $2.71 $1,214 $995 83, 84, 1 Bedroom 555/5 $1,529 $2.08 $1,489 $1, Vista 2 Bedrooms 529/6 $1,756 $1.87 $1,745 $1, Bedrooms 56/3 $2,164 $1.86 $2,026 $1,926 Size of Vacancy Report by Unit Type - Property Age (Single Family ) All Over 25 Years 6 to 25 Years Less Than 6 Years Property Age Undefined Studio 0.0% % % % % Bedroom 0.0% % % % % bedrooms 0.0% % % % % Bedrooms 1.9% % % % % 1 0 December 2017 alowner 43

13 Vacancy Report By Region (Single Family ) Location Age of Property East County North County City of San Diego South Bay Less than 6 years 0.0% years 0.0% 1 0 Over 25 Years 8.3% 12 1 Age Undefined 0.0% % 13 1 Less than 6 years 0.0% years 0.0% 3 0 Over 25 Years 0.0% 11 0 Age Undefined 0.0% % 14 0 Less than 6 years 0.0% years 0.0% 1 0 Over 25 Years 0.0% 48 0 Age Undefined 0.0% % 51 0 Less than 6 years 0.0% years 0.0% 0 0 Over 25 Years 0.0% 9 0 Age Undefined 0.0% % 9 0 Countywide 1.2% 87 1 Vacancy Report By County/City (Single Family ) Location Age of Property County of San Diego Less than 6 years 0.0% years 0.0% 4 0 Over 25 years 3.1% 32 1 Age Undefined 0.0% % 36 1 City of San Diego Less than 6 years 0.0% years 0.0% 1 0 Over 25 years 0.0% 48 0 Age Undefined 0.0% % 51 0 Countywide 1.2% 87 1 Weighted Average s - Single Family City/Area Name Fall 2017 Fall 2017 Fall 2017 City of San Diego (only) County of San Diego (Including the City of San Diego) of Bedrooms /Properties Surveyed Average per Sq. Ft. Studio 0/0 $0 $ Bedroom 2/2 $1,773 $ Bedrooms 22/19 $1,552 $ Bedrooms 27/26 $2,284 $1.65 Studio 2/2 $850 $ Bedroom 2/2 $1,773 $ Bedrooms 29/26 $1,554 $ Bedrooms 54/53 $2,269 $1.49

14 The SDCAA Fall 2017 Apartment Availability Index rate is 6.47%. The Apartment Availability Index Survey pulls from a sample of full-time rental property owners and managers to determine the number of vacant units as well as the number of units on notice to vacate, representing the total number of units available. The results can be an early indicator of industry activity and provide another gauge of the overall availability of rental housing in San Diego County. This survey is supplemental to the Vacancy and al Rate Survey. The SDCAA solicited 25 of the largest multifamily owners and managers with holdings in San Diego County to complete the survey. Due to the fluctuating response levels of this methodology, comparisons among survey periods do not necessarily reflect the performance of a particular sample of rental units over time. Responses were collected and calculated by the accounting firm Leaf & Cole, LLP. FALL 2017 SAN DIEGO COUNTY AVAILABILITY INDEX Survey Period Availability Index of Managed With Notices to Vacate Spring % 36,540 Fall % 27,084 Spring % 27,055 Fall % 27, % 3.29% Spring % 20, % 4.15% Fall % 39, % 3.77% Spring % 33, % 2.57% Fall % 24, % 3.67% Spring % 15, % 3.67% Fall % 15, % 3.60% Spring % 23, % 3.42% Fall % 16, % 3.25% Spring % 21, % 3.20% Fall % 23, % 2.95% Spring % 13, % 6.96% Fall % 18, % 2.70% Spring % 8, % 3.00% Fall % 10, % 4.18% Spring % 29, % 3.50% Fall % 32, % 2.94% Spring % 24, % 3.31% Fall % 26, % 3.85% Survey data collected as combined figures. 1 1 In spring 2007, the SDCAA began allowing survey respondents to report the combined number of units vacant and on notice in order to make reporting easier and encourage responses. The SDCAA received requests from members to return to the prior method of reporting the figures separately to better analyze market fluctuations. December 2017 alowner 45