[quote=utcsox][quote=livinincali]Rental market in San Diego is starting to slow down for sure. I can tell you based on a bunch of data that the rental vacancy rates have been rising for the past 6-9 months and in most markets the rate of increasing prices has started to level off although it is still going up a bit. I’d expect us to plateau around these levels for a bit, and then who knows what happens after that. If we get a recession we probably see prices move down if we get real wage inflation then perhaps prices move up.[/quote]
Mind if you share with us some data point?[/quote]
My crude data point is craiglist posting of rentals, and how fast or slow they disappear, and doing a “test” vacancy rental post with a given price on craiglist to see how much interest there is within a few days. Based on my recent experimentation, I don’t think MM has slowed down at all. In fact, I think it’s gotten worse (if you’re looking for a rental). Whatever “slowdown” that people think has happened at Qualcomm has not stopped the rental market (yet), as many of the respondents aren’t just from Qualcomm but other biotech and tech companies. The rentals that do seem to sit on craigslist are the ones that are professionally managed at a big complex. I think that probably it has a lot to do with how much higher prices they are trying to charge versus what others are normally asking for.
My gut feeling is that MM is going to continue to grow and do better and better. It’s in a great location, convenient, and without the huge markup of nearby CarmelValley (yet). Schools are pretty good and you can’t really beat the convenience. Too bad SFH’s there have gotten considerably more expensive than I could comfortably afford as a rental.
