California rents are very sustainable

[gzz]

Key point:

“The average worker today has $4,500 left after paying rent. Adjusted for inflation, this is about 4% higher than the $3,400 left over after paying rent a decade ago. ”

Rent in California is high, but income after rent is about the same as a decade ago

[an]

Average rent in San Diego surpasses San Francisco for the first time.

https://patch.com/california/san-diego/average-rent-san-diego-surpasses-san-francisco-first-time?utm_source=flipboard&utm_content=topic%2Fsandiego

[gzz]

Wow. SF really went downhill fast starting in 2020.

Here’s an article about PE buying up rentals that focuses on San Diego:

https://www.tabletmag.com/sections/news/articles/welcome-blackstone-usa

 

[sdrealtor]

Across the country there is considerable backlash about PE buying up homes as rentals. To avoid going down a potential rabbit hole here, I’ll share Ive yet to see PE buying sfr rentals in SD to any measurable degree

[barnaby33]

SDR how would we even know?

[sdrealtor]

Ive searched the tax records and done other research. They arent buying or selling on open market either. Its not hard to research if you have access to my tools

Even at the height of iBuyers like Opendoor and Zillow they only owned a couple hundred homes.

Institutional buyers just have never been a big buyer of homes here. The biggest were some big flipper orgs from OC

[gzz]

If you want to see what type of homes PE likes in San Diego, this is the biggest public SFH landlord. They have 1 for rent in SD and 1 in Escondido.

https://lease.invitationhomes.com/homes/2263-finch-ln-92123-1978

https://lease.invitationhomes.com/homes/453-las-brisas-dr-92027-5605

 

With a estimated vacancy rate of 2%, I infer they own about 100 homes here.

[Author]

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