San Diego rents declined following surge in supply

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San Diego rents fell more than 19 of the top 20 US rental markets
Decline follows significant surge in new housing permits, approaching 10,000/year
Median 1-bedroom now $2,200; still 11th most expensive nationally

Many commenters: supply and demand works, just build more housing
Counterpoint: SF rents hit all-time highs same period despite some new supply
Debate on whether permit surge = actual supply; data is advertised listings, not signed leases
Some attribute SD decline partly to biotech layoffs reducing demand, not just supply increase