If you happen to’re a renter and it feels just like the ache has been occurring for some time, you’re proper. Greater than two years, actually, as native rental prices have risen 30% because the pandemic started.
Apartmentlist.com, in its August Lease Report, notes that the market has cooled barely from final summer time’s peaks, however prior to now yr San Diego rents have jumped 17.6%.
To check, the state median lease rose by 12.3% and the nationwide median rose by 11.7% in the identical interval.
The online service additionally means that with the current improve in rates of interest renters shall be shut out of the home-buying market, including to the competitors for leases.
In different native findings from the report, based mostly on information collected by means of July:
- Rents in San Diego elevated 1.6% month-over-month in June, in comparison with 1.3% nationally. That progress, whereas painful, isn’t the more serious within the nation – San Diego ranks twenty seventh among the many nation’s 100 largest cities on the month-to-month charge rise.
- The present year-over-year rental progress in San Diego, 17.6%, exceeds the 14% posted one yr in the past. The brand new progress locations San Diego sixteenth among the many nation’s 100 largest cities.
- Median rents in San Diego at the moment stand at $2015 for a one-bedroom house and $2597 for a two-bedroom.
- The final time San Diego noticed a lease decline was December.
On a proportion foundation, some San Diego suburbs logged rises even sharper than San Diego’s:
- Chula Vista – year-over yr progress, 21.7%, to $1,730 for a one-bedroom and $2,370 for 2.
- Escondido – year-over yr progress, 22.1%, to $1,870 for a one-bedroom and $2,260 for 2.
- La Mesa – year-over yr progress, 20.1%, to $1,960 for a one-bedroom and $2,470 for 2.
- Oceanside – year-over yr progress, 19.9%, to $2,020 for a one-bedroom and $2,580 for 2.
- Vista – year-over yr progress, 19.5%, to $1,990 for a one-bedroom and $2,320 for 2.
In search of a slowing market? Strive Phoenix, based on Condo Checklist, which stories that rents outdoors the town, in Scottsdale, have fallen by virtually 7% this yr, although after a protracted increase.