In San Jose they rose 10% last quarter, Orange County was 6.1%. I bet San Diego is next. If the median price for a rental is 2,000, which I believe it is, that could mean a 200 dollar increase for some folks. That has gotta hurt. This guy is gonna move and chances are if he pays less, he’ll get less. The landlord is just gonna rent his place to someone who will pay,occupancy is up . They can and they will. The other landlord’s who can afford to rent their property cheaper are gonna see the higher prices and price their’s up too. Next year, next quarter-I don’t know when but I am betting we’ll see it. It’s happening already, but as ARM’s reset and people either get foreclosed on and join the rental market, or put their house up for rent at astronomical prices, it’s gonna be higher.
