• News
  • SAN DIEGO
  • Real Estate

Report: Less expensive to rent than five years ago

Average rents in the city of San Diego and across the county are down, according to a new analysis from the San Diego County Apartment Association (SDCAA).

“It’s great news for renters and those interested in renting,” said Alan Pentico, SDCAA’s executive director. “Property owners and property managers have done a nice job of responding to the economic downturn and keeping rents affordable.”

The average rent for a one-bedroom apartment in San Diego is $1,193, according to SDCAA’s fall survey of rental units. That same unit rented for $1,211 a year ago and $1,285 five years ago. Here is a breakdown of average rents today versus five years ago:

* county of San Diego, 1 bedroom: $1,089 today | $1,177 five years ago – 7 percent decrease;

* county of San Diego, 2 bedrooms: $1,389 today | $1,476 five years ago – 6 percent decrease;

* city of San Diego, 1 bedroom: $1,193 today | $1,285 five years ago – 7 percent decrease;

* city of San Diego, 2 bedrooms: $1,563 today | $1,596 five years ago – 2 percent decrease.

Although rents in the city and county are down from last year and five years ago, they are expected to increase next year for a variety of reasons.

“The combination of new job formations, households undoubling and the negligible addition to the rental housing inventory will result in a very tight apartment market in 2013 with rising rents,” said Alan Nevin, an SDCAA member and principal with The London Group.

“It is true that there are several thousand apartment units in the planning/construction stage, but most will not be delivered next year and, together, they will not add more than 3 percent to the current rental apartment inventory,” Nevin said. “Further, most of the new units are aimed at the top end of the market, with most renting for more than $2 per square foot. In addition, a substantial percentage of the homes that were acquired by investors and are now rented will be put back on the market this year for sale to owner-occupants. That will add to the tightness of the rental market.”

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.