The $1090 to $1515 reflects an increase of about 5.5% per year. A little on the high side, but certainly not altogether unreasonable, considering current vacancy rates.
I’ve been able to raise the rent myself on my two properties here in San Diego. I raised them 4%, but my raised rents are still below similar properties.
I’ve been putting out feelers to some mortgage brokers and realtors I know and asking them if they’ve been seeing any investor activity due to these lower prices. They’ve been telling me no. Until this investor activity increases, I don’t see rents going down, especially low cost rents.
I will say that there is some softness in the high end rents (rents above $2000) that I’ve been observing.
