One of the nation’s tightest rental markets

[scaredyclassic]

[quote=thejard]Ah yes… my convoluted ramblings 🙂

GF+prev-house–> Divorce, she gave up rights to the house. Full and clear from that as of Feb/2015… another reason we started house hunting 🙂

FHA+luck+NW-Chula–> I agree NW Chula is very nice… I mean you get spill over from Broadway and some areas have a high concentration of apartments… but don’t need a/c! 🙂

I also agree that we are a long shot… and to be honest, idk if I could really actually pull the trigger. Soooo much student loan debt, plus credit cards and all.

I feel I am a microcosm of the current issues facing first time home buyers…

Renting–>Normal Heights yes… lovely place, and super cheap. Still have to drive down to Chula to drop kid off and then head to Poway for work.

Thanks for the response and insight. Condos… yeah, they scare me. Like an APT I can’t bounce from if I don’t like. East Chula… meh, all HOA crap. I’m a bit of a hick so if I’s buy’s land ain’t nobody gun tell me what ta do… ‘cept maybe law dawg

She says she just wants a house… so, maybe we look elsewhere in South Bay. Lemon Grove? Nasty City… omg La Presa is fugly, like TJ hills… S Bay Terrace is like condo land… #1 gentrifying area 92113… encanto, are there pockets of nice?

Friend says to move up to Menifee… but wow @taxes and meloroo and hoa and 15 PARKING LOT SHOOT SELF

more ramblings :)[/quote]

menifee?

temeculas not so far from poway. closer than menifee…

its also the greatest city in ca.

[thejard]

family babysitters are in Menifee and Chula

[Coronita]

[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.

[The-Shoveler]

For the most part the rental market is tight all over SoCal not just San Diego.

Will only get tighter as the Millennials start leaving the nest in droves (unless they start to build a whole lot more).

But that would require zoning and people who actually want to do trades work.

[The-Shoveler]

“professionally managed at a big complex”

The issue here is that most of the people they would qualify could easily qualify for a home/condo loan.

They are very strict.

[spdrun]

Better that they eat cake … I mean rent for life.

[FlyerInHi]

That’s mean spd.
One guy I know had been renting the same unit for 8 years. The owner was a really nice lady; and because the tenant had been with her for so long, she was going to give him a 25% discount.

Unfortunately, the tenant wasn’t able to get a loan so the owner sold to another investor. Sad.

[(former)FormerSanDiegan]

[quote=spdrun]In a normal market, it’s cheaper to buy than to rent (not at parity). Tenants are paying for flexibility and maintenance.
[/quote]

Nice theory… for somewhere else.
San Diego and Southern California are not “normal” markets. Rarely in the past 30 years (maybe 3 or 4 years out of that period) has buying been equal to or less expensive than renting.

[spdrun]

I’m not sure if that’s true. There was a 4 year period now, and a precipitous drop in pricing after the early 1980s. I’d say at least 8-10 years. So maybe 1/3 of the time equal, 1/3 of the time more expensive, 1/3 of the time less.

[spdrun]

Unfortunately, the tenant wasn’t able to get a loan so the owner sold to another investor. Sad.

Happy for the investor. I don’t think the average Joe or Jane off the street necessarily needs to own a home.

[FlyerInHi]

You’re mean, spd.

The sad part here is that the tenant could have gotten the deal of a lifetime, which would have strengthened his financial future. The owner, being a kind person was willing “give it away”, almost.

Not everyone can save a downpayment and find a good deal to purchase, at the right time.

The guy is a cook for Marriott. He’s worked the same job for 30 years for the same company in different parts of the country. He’s put in his hard work. A divorced dad with 2 grown daughters. He will retire in a few years and will never own a home. Sad.

[spdrun]

What if the investor was also a hard-working blue-collar worker? I know a few who started as electricians and tree-cutters.

[fun4vnay2]

People with patience would be rewarded as time has shown this again n again. .

The fun lies in the uncertainty of when not if

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