27 Dec Rental Market Bidding Wars
San Diego Rental Market Bidding Wars
San Diego rental market bidding wars are now more common in the rental market. That’s because the demand for apartments and single family rentals is surging and outpacing supply putting a serious squeeze on renters. Although bidding wars are usually reserved for homebuyers, with the shortage of available rental properties, renters are doing it.
Consequently, rents are set to soar to offset losses from the COVID eviction moratorium. This means, landlords are raising the rents on properties they can knowing the demand in the market will support those increases. And, rents will continue to rise because of the low supply of homes for rent and a strengthening job market. As a result, so will the competition for a rental and so will the bidding wars!
Bidding Wars: Renters Turn to Extreme Measures
Everyone has heard of bidding wars when it comes to homes for sale, but bidding on homes for rent? With a hot housing and rental market, and not enough inventory to keep up with current demand, that’s what it’s come down to in San Diego. Bidding wars happen when rental demand increases but there is a shortage of available rentals.
A rental bidding war is no joke! If there is a property someone wants, they’ll need to bring their a-game to get it. For this reason, many hopeful renters are willing to turn to extreme measures. In fact, some renters are willing to pay hundreds of dollars extra to secure a rental.
Why the Increase in Demand?
There are several factors that have led to the increase in demand for rentals. For starters, the job market is improving. In addition to this, the housing market is so expensive that many would-be homebuyers are being priced out. Because of this, it has them looking for rentals.
Also, the pandemic has allowed many people to work from home. Because of this, they are moving to San Diego. In fact, according to a few sources, there is such a demand for people moving to San Diego, the supply for short-term rentals is also low.
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