San Diego County apartment rents increased just 2.8% over the last 12 months, much less than the previous year’s 8.7%, despite the region’s low vacancy and high demand, according to a report from MarketPointe Realty Advisors.

Overall average apartment rent in March was $1,618/month, with vacancy at just 2.46% overall. The report is based on a survey of 829 rental complexes with a total of nearly 131,000 units, according to the San Diego Union-Tribune. There’s some evidence people can’t pay more or landlords are less bullish about what they can charge, the report suggested.

Demand far exceeds new apartment supply, with 720 units delivered in 2015, according to a CBRE San Diego report. There is a pipeline of 5,016 units, with 2,211 expected for delivery in 2016 and the rest in 2017. The East County market is the most constrained with just 244 units available out of an apartment stock totaling more than 18,500. Only one new multifamily project delivered over the last six months: Pulse Millenia (pictured) in Chula Vista, which has 273 units. Downtown had the highest rents in the county at an average of $2,059/month, and the highest vacancy at 6.3%. Downtown's total apartment stock is only 5,826, as many apartments were converted to condos in the last cycle.

A study released by the San Diego Apartment Association in December 2015 reported slightly lower numbers, but based its figures on a survey of fewer apartment complexes than the MarketPointe report, with a total of only 19,768 units. [SDUT]