the CL link I posted was for a 1200 sf 2/2 + loft at $1,800 in MM. I think that $2,000 is feasible if the place is updated and modern.
Flu said that a 1/1 in MM goes for $1250 to $1,400.
Those are real, not pie in the sky rents.
We are talking investment rental here. That means returns on investment.
$1,800 for a 2/2 + study is not too much for 2 college educated professionals to share. For trouble free rental, would you rather rent to 2 professionals or a family with kids? I’ve observed that professionals, when they decide to get married and have kids, will go and buy their own place. So families are “lesser”, not as people, but as desirable tenants.
I wouldn’t discriminate against a family, but I’d rather own a rental where I don’t have to deal with families who break things and get my walls dirty. From a landlord and neighbor perspective, kids are little monsters.
I don’t want a tenant who has junk to store in a garage. I want a tenant with easily verifiable income who owns no furniture. A tenant who drives new car that doesn’t leak oil or will break down that he needs to take the bus.
In fact, a guy/gal just off the plane from China, Switzerland, or Russia, or whatever, on a fellowship at UCSD or a new job at Qualcomm is perfect. Those guys, if single, have social networks and will find a roommate to share a 2/2 (there are some ways of landing such tenants but I won’t share them here).
BG, I can tell you that in screening tenants for North Park, vs. Sorrento, I’ve seen the difference. I personally prefer easy to verify tenants because they are less trouble for me.
I personally prefer North Park over Mira Mesa to live (I think that’s why selling prices are relatively higher for lesser housing), but not to own as a landlord.
You need to compartmentalize and focus to achieve your financial goals.[/quote]
I looked at the photos of the listings you provided again and they do appear to be 2 bdrm condos. Both condos appear to be on the small side compared to the (mostly lesser-expensive but mostly fully rehabbed) links of available SFRs in Chula Vista I posted. If you think you could consistently get $1800 to $2000 rent per month (what, with a gold-plated spiral stair-rail?) for one of these units, I just have a hard time believing that, given that I have been inside a handful of units in 92122. The units I visited friends in were very well-managed complexes in direct competition to your newer MM units, ALL of which were 1750 to 2200 sf with an attached 2-car garage. Once rents start nearing the $2K mark, the typical tenant-applicant starts shopping for a SFR or house-like condo to rent. And who can blame them?
Sorry but MM/UTC is NOT SF and never will be.
I stand by my assertion that it’s wacky to pay $1800+ for a small, narrow, 2 bdrm condo with no garage … even in SD and/or MM, because there are so many other choices at that rental price point.
