I was looking for rental housing in Poway/Rancho Bernardo in November and December 2005. I did a brief search on my usual lists: U-T, craiglist, backpage.com. I did not search the MLS, since my realtor no longer has that access for me. My cursory overview shows the same number of rentals, and now it appears they are all well priced, at about $1/sq ft. In my 1-block area, there are at least 4 of us who are renting. These are attached units, so they may have been cheaper for investors to buy.
When I was looking at rentals, there were about half owned by investors, and the other half by people who had to move, and decided to keep their SD property for appreciation. In my neighborhood, there are 2 houses for sale, but neither is owned by an investor.
We had read about flippers/speculators pulling out, but has anyone seen this happening yet? My landlord is an investor, he’s in it for the long term. He owns many rentals. The flippers should be trying to cash out. Of course, flippers don’t put their homes up for rent. They fix it up and dump it within a few months, right.
