I quickly glanced at the article this morning, and wasn’t overly impressed. I think it said something about not much construction going on. I pass a large Archstone complex going up in Mission Valley on my way to and from work everyday. Just off Friars Road, there is another complex being built, and already being advertised in the For Rent magazines. Not to mention that at least some of the condo conversions are now accepting tenants again which helps to increase the inventory. My first guess is that the Apartment Association is trying to justify rent increases by having a newspaper story to point at. “See,” they can say. “The Union-Tribune says rents are rising. We’re not ripping you off. We’re charging market rates.”
My second guess is…well, the same as my first guess.
I don’t think the rents are rising 10% in the big singles complexes. I live in one of them and when we renewed our lease last year, it went up less than 3.5%. If it goes up more than that this year, we’ll most likely move. In that size complex, there’s always some kind of deal going on for a month or two free rent. At the current rental amounts , that would pay for the costs and hassle of moving.
