Why does a landlord have an Open House for a rental property? How does this work?
Rents cannot exceed income, so there is a ceiling to how high it can go. Eventually, it will come down, as more people leave San Diego and foreclosures and job losses reduce people’s ability to pay these high rents.
Apartment rentals will come down when condo conversion go back on the market, and the 30% vacant listings cannot be sold and are rented instead.
But in the short term, there is more demand for rentals than for housing. Someone posted the other day that he saw 20 other people at a rental open house. So the SFR rental market is tight, and that causes prices to rise.
