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San Diego Rental Market
March 19th, 2008 categories: Buying, Real Estate News
If you missed the train last time around, now is the time to buy a home in San Diego. It’s more affordable today, than it was 4 years ago! The rental market is also pushing people to buy. According to an article written in the San Diego Daily Transcript(3/18/08 – Apartment rents continue to rise, as construction continues to drop), the average rent in San Diego is $1300/month. Rents have gone up by almost 4% in the last year and Downtown, the average rent is over $1600/month(over $2/sq.ft.)
These numbers are courtesy of Market Pointe Realty Advisors – a well known local firm that studies market trends. The study also shows that newer buildings, specifically 2003 and newer, can charge up to a 50% premium compared to older buildings. Countywide, 5% seems to be the average, or healthy, vacancy rate for rentals. Currently, the county is seeing a 3.63% vacancy rate, reflecting the lack of dedicated rental buildings coming online.
Market Pointe also mentions that San Diego is more than capable of absorbing the proposed apartments and that Downtown San Diego is a prime location to invest in.
Here is an excerpt from the article:
There is a huge draw to live the urban life downtown, where within walking distance residents can access Petco Park, Horton Plaza, a multitude of restaurants, grocery stores, and most recently a new bowling alley, all within walking distance…Newer complexes downtown also tend to offer amenities that are not available in older complexes, such as gymnasiums and community clubhouses, and higher-end interior appointments, increase the desire for renters to move downtown.
*quote from Russ Valone – Market Pointe president
So what are you waiting for? Click here to see a list of some of Downtowns best condo deals.
Other Related Reads:
How do You Know When it’s a Good Time to Buy?
What The Conforming Loan Limit Increased To
San Diego Home Prices Are Falling
