Point taken 4plex but when determining rental rates for condos in this zip code comparing them to the prices in downtown S.D. is irrelevent. The Pechanga casino employs 7,500 people and almost all of them commute to Temecula because of the limited rentals. There is a whopping one apartment building (condo reverse conversion to rentals) the condo complex the thread was about and two more condo complexes under construction but all are individually owned so it’s mom and pop landlords and finding one for rent is actually rare. The rest require freeway commuting and there aren’t that many within the valley. Many of those employees make a decent living with tips but they aren’t going to be able to buy because they are the stated income type and it’s not enough to buy something but it is enough to rent. I know it may seem hard to believe but when I went looking at rentals I visited the new apartments on 79S and found the 3 br 1,200 sq ft that you climb stairs and get a carport spot was going for 1800. a 1br was about 1400 and a 2br was 1600, they knock a hundred a month off with a 1 yr lease or something like that. I asked how they could ask so much and they told me they are the only apartment building in the zip code (over 40k people), that you have to drive to Rancho California Road to find the next one. I looked at it and realized that people with careers commute, people with jobs try to rent close to work. It is a different mentality and those 30k to 50k earners can’t buy and would rather not drive. The condo’s referred to in this thread are 1400-1675 sq ft tri plexes, all with attached two car garages and 2 of the three plans have backyards. I consider them to be more valuable to a renter than stacked apartments with a carport. Ignore the prices because the sellers are nuts but here are examples of the two places. The second one that is for sale is the complex that chaged gears and became apartments for the second phase but it is a few blocks and in a different gated area from the ones they sold, however they are pretty much the same and going for those ridiculous rental rates. If you are able to find one of the first complex for under 130k in the next five years, you will have my undying admiration and the beer is on me, I just don’t see it happening.
