Rentals San Diego Rent Increase Update

Rent San Diego

Rent San Diego

Rent San Diego has been steadily increasing, with an average price of $2,033 for a two-bedroom rental; many San Diegans have to make a difficult decision, will I downsize. Many San Diego renters are now spending well over the recommended 30 percent of monthly income on housing, and the reasons are many. The price to buy a home in San Diego has sky rocketed, desirable units are purchased within minutes of being listed, and adding to the issue, are the strict qualification standards for securing a loan.

Retirees Now Renting

Since 2005, there has been an increase in renters. This was particularly so during the 2008 housing crash. But when we think of renters as being younger, recent college grads, the data shows that people in their 50s and 60s are making up the largest chunk of the increase of all renters. The majority of all renters are 40 years old or older, according to a recent report from the Harvard Joint Center for Housing Studies. The study’s authors point to the 2008 housing collapse and ensuing foreclosures as one reason for older renters. The tighter credit market has also hindered renters from securing a home loan, according to Jon Spader, senior research associate at the Joint Center for Housing Studies.

Reference:

California Real Estate Magazine May, 2016 Page 30