Rent increase truthers

[utcsox]

[quote=flu]Anyone else think the recent runup in rental demands, especially for the 1/1 and 2/2’s is partly due to a bunch of people finding jobs and no longer living in the same house with their parents? Just wondering…[/quote]

I think it’s due to the combination of strong job growth (3.1% in 2014) and lack of new housing units in the region.

Census Bureau: Housing Lags San Diego’s Growing Population

“Data for housing units, released just before the beginning of the Memorial Day weekend, show that while San Diego County grew by 159,000 people between 2010 and 2014, only 22,000 housing units were added.

The pace of building picked up between 2013 and 2014, but the Census Bureau counted only 8,000 more housing units while the population grew by 41,000. That works out to approximately five new residents for every new housing unit.”

http://www.utsandiego.com/news/2015/may/22/unemployment-april-jobs-economy-hiring-helpwanted/

“.. Since April 2014, the region has added 40,900 people to payrolls, good for 3.1 percent annual growth . That rate puts San Diego County’s pace above Los Angeles County, the state and the nation,…”

[an]

[quote=spdrun]So where should a small landlord advertise to get the “big landlord” price? I tried posting 10% higher than market on Craigslist and got virtually no interest other than a few tire kickers who never took the place.[/quote]Did you state you accept month-to-month lease? Did you state your deposit is a couple hundred? Did you state you have a property manager on site and will be responding to service calls w/in 24 hours? There a few more things I didn’t list, but these are some of the reasons why renter are will to pay more for an apartment vs a condo.

[Coronita]

Speaking of luxury condo….

http://sandiego.craigslist.org/csd/apa/5067682027.html

At the end of mira mesa blvd and I-15……

Nice place… I wouldn’t spend $1875/month living in a 1/1 even if it’s 800sqft. But apparently some people do.

[utcsox]

[quote=flu]Speaking of luxury condo….

http://sandiego.craigslist.org/csd/apa/5067682027.html

At the end of mira mesa blvd and I-15……

Nice place… I wouldn’t spend $1875/month living in a 1/1 even if it’s 800sqft. But apparently some people do.[/quote]

The post is gone. It’s probably rent out already.

[Coronita]

[quote=utcsox][quote=flu]Speaking of luxury condo….

http://sandiego.craigslist.org/csd/apa/5067682027.html

At the end of mira mesa blvd and I-15……

Nice place… I wouldn’t spend $1875/month living in a 1/1 even if it’s 800sqft. But apparently some people do.[/quote]

The post is gone. It’s probably rent out already.[/quote]

It doesn’t matter 1/1’s in general are going through the roof in MM right now…

http://sandiego.craigslist.org/search/apa?sort=priceasc&bedrooms=1&query=mira%20mesa

Not much lower than $1400/month for a 1/1 at this point on the west side…..

What’s interesting is that 2/2’s haven’t gone up that much relative to 1/1’s. You can find 2/2’s starting at $200/month more…..

I guess that $200/month difference is enough to make a difference.

End… Here it’s reposted.. That luxury apt…

http://sandiego.craigslist.org/csd/apa/5069226417.html

[an]

Holy smokes, that 10% higher than last winter.

[no_such_reality]

[quote=AN]Holy smokes, that 10% higher than last winter.[/quote]

Yea summer premium. May June tend to spike for rentals especially anything remotely beach or young trendy.

When comparing rent increases it is really critical to compare same months. A July rental price is for a rental that missed the endless summer dream push. Much like a October rental near schools missed the school push.

[Coronita]

Oh, and Carmel Valley’s newest luxury apartments

http://sandiego.craigslist.org/csd/apa/5070074032.html

The price isn’t correct in the craiglist ad (It’s not $8000/month for a 2/2_…)

But it’s pretty up there….My goodness….
http://www.liveoceanair.com/Apartments/module/property_info/property%5Bid%5D/96435/

3/3.5 1630 sqft for $3400-3700/month…

Wow, that’s much more than my mortgage…..That’s the same as my mortgage + property tax + hoa + insurance…., not factoring in the Schedule A deductions, and I have 2 extra bedrooms to spare….

[utcsox]

[quote=flu]Oh, and Carmel Valley’s newest luxury apartments

http://sandiego.craigslist.org/csd/apa/5070074032.html

The price isn’t correct in the craiglist ad (It’s not $8000/month for a 2/2_…)

But it’s pretty up there….My goodness….
http://www.liveoceanair.com/Apartments/module/property_info/property%5Bid%5D/96435/

3/3.5 1630 sqft for $3400-3700/month…

Wow, that’s much more than my mortgage…..That’s the same as my mortgage + property tax + hoa + insurance…., not factoring in the Schedule A deductions, and I have 2 extra bedrooms to spare….[/quote]

Torrey Gardens, the apartment compex next to Ocean Air is charging ~$2,800 for 3-br. I don’t think any of these complex have any problem in renting out its unit now.

http://sandiego.craigslist.org/csd/apa/5069664748.html

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