You know that one anecdotal story does not a clear picture make-
There are several single-family homes in my nice 1980s constructed North County Inland neighborhood that are available for rent and have been for the better part of 6 months to a year in some cases.
There are also close to 20 homes for sale in the same neighborhood, just sitting there, priced to sit, despite multiple reductions in price on many of them.
Think about what the upper limits must be for rental prices for a moment…$3000 to $4000 a month right? After all, most people who can “afford” this rent are going to be buyers, right? sdr- do you know many folks who rent for more than $3000 per month? I believe that the upper limits compress and restrain all market rents beneath them.
This “compression” is why, when San Diego real estate plummets, ALL less desireable locations nationwide should suffer downward pricing pressure. It may take some time as the process takes some time to creep it’s way along, but equilibrium should eventually be reached. How long? Anyone’s guess is as good as mine.
And sdr…I’m not really at odds with you about your anecdotal experience, either, as I provide anecdotal evidence myself that often serves to bolster my own opinion fo what the market is doing.
