Does this support the view that more people are comming to SD?
Personally I think this is temperary situation cause by the rental housing shortage created by condo-conversions. It takes a while to convert an apartment complex into “new homes”.
Also it reflects the quality of the tenants. Most good tenants have become homeowners by now. So they have to rent it to less qualified renters and so they have to price in more risk premiums.
Does anybody know how long does it take to refurbish a building for conversion? My guess is about half a year. First you have to do the exterior and then interior of each units.
