16 May San Diego Rentals
San Diego Rentals
Rentals San Diego Rent Increase Update
San Diego Rentals Increase Update: rentals in San Diego have seen average rents increase 5.9% in the past year. Rents are projected to go up an additional 11% by 2018. This is a big impact on current property renters who are on paying a current average of 40% of their income for housing. With low vacancy rates, high demand and the major problems in developing any new building in the city, San Diego is one of the tightest apartment markets in the country with a current vacancy rate of around 3.3%.
“Though multifamily construction permits are back to pre-recession levels and have provided some relief, population and employment growth are driving up demand faster than new inventory can be built.” Said Raphael Bostic, interim director of the USC Lusk Center. “For renters, the new construction has simply kept a bad situation from getting worse.”
What is driving the trends are good metrics for the San Diego County economy overall, led by the addition of 39,900 new jobs in 2015 – a reflection of what USC described as one of Southern California’s better performing economies in recent years. Half of new jobs were concentrated in three industries – health care, leisure and hospitality, and construction – and the regions manufacturing sector added jobs at more than double the statewide pace over the past year.
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Rancho Mesa Rentals is a full-service San Diego property management company that specializes in the management, marketing, and leasing of rental properties. Our innovative technology and experienced team enables our rental management and leasing services to be more affordable and economically advantageous for all San Diego rental property owners and investors.
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Rancho Mesa Rentals specializes in San Diego Rental Property Management including homes, condos, apartment buildings and more…
Unlike most companies, we are interested in our clients’ needs and specific long-term goals. Our professional relationships are built on a long-term basis. Numerous clients have been with us for many years. Our objective is to accomplish your goals and become a trusted member of your financial team.
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