Ok, first time poster, but been trolling around here for awhile. I own a 3/2 in MM so I was interested in this thread.
Anyway, I don’t think that rental is a good comp for the MM rental market. While that is in one of nicer parts of MM, I couldn’t see it renting for more than 2100. I’d figure 1950 is more realistic.
Here are my thoughts on the MM rental market. It is strong due to UCSD, Alliant University, military, and it is affordable for most people. I bought 6 years ago knowing I couldn’t afford it on my own and I would have rent out the other two rooms. Never less $500/ month + 1/3 utilities, usually closer to $575/month. Always had multiple responses within a day, and I only posted on craigslist. Roommate market is different than renting an entire house, but I’ve rarely seen a house stay empty for more than a month – besides the foreclosures that is.
That said, I run a lot and I am watching the asking prices continue to fall. However, in the last month I have seen an increase in the houses that have sold and are now occupied (don’t know if it’s owner occupied or rental). Prices still have a way to go, esp. for the properties that need some work.
