Rents are not SKYROCKETING in the SAN DIEGO areayet, but will they? The areas in this article are outpacing inflation. http://www.realfacts.com/10252006.html
October 25, 2006
"RENTS CONTINUE TO GROW AS FIVE MARKETS REACH "HOT" STATUS Results of third quarter data released today by RealFacts reveal overall continued rent growth, with five markets standing out at above 7%. Leading the way at 10.4% annual rent growth was the San Jose MSA, the first appearance of double digit rent growth in San Jose since the first quarter of 2001 when it registered 34.9% annual growth. The Los Angles, Phoenix, Oxnard-Thousand Oaks and San Francisco MSAs all registered annul rent growth between 7.2% and 7.6%.Showing continuing strength were the Las Vegas, Riverside-San Bernardino, and Seattle MSAs, all between 5.8% and 6.3%. Portland OR broke the 5% barrier this quarter at 5.6% annual rent growth. Three MSAs are poised to break the 5% barrier, with Reno at 4.8%, Salt Lake City at 4.6% and Tucson at 4.7%. Together, the 12 MSAs registering over 4.6% annual rent growth represent 79% of the units in the eight western and southwestern states, confirming the depth and breadth of the strong rent growth in these two regions. Overall, eighteen of the 29 major MSAs tracked are now over 3% annual rent growth, up from 13 MSAs last quarter, and double the 9 MSAs over 3% one year ago. This quarter the complete RealFacts database registered 4% annual rent growth, a 0.3% increase from the second quarter, and up from 2.7% annual rent growth a year ago."
