My friend’s Poway house is for rent for $2500/month, and he’s getting 3 calls a week. The house is not the greatest, kind of small, although I don’t know the square footage. It’s not rented yet, but it shows there is interest in the rental market.
Her neighbor’s house is still for sale since last summer – the neighbor built a house and now has 2 mortgages, and is going to put the newly built house on the market, because they cannot afford 2 mortgages. Why not just drop the price on the old one?
Does anyone else have any stories about price movement in the rental market?
After much debate, my wife and I just sold our home in PQ after owning it for almost 6 years and doing a full interior remodel that finished literally months before it went up on the market. I promised my wife that we would not move into a rat trap of a rental and would spend the money on a nice, new-ish or remodeled rental. After about a month of calling a few days after they went on the market, only to find out that they were already in a lease-pending phase, we found a great home in East Poway the day it went onto the market. Fearing that we would miss this boat too, we plopped a deposit down and filled out the lease forms, even though we were still 2 weeks out from closing escrow (I swore I wouldnt do anything until escrow close because I’m not optimistic when it comes to other people and RE loans.)
Anyhow, the house is a cedar fire rebuild that is 2200 sqft, cul de sac location, 3 car garage, yada yada. The great thing is that we’re only paying $2200 per month, so there are definately good deals out there, but you really need to act quickly. One reason I think it’s so low (by comparision) is because it’s owned by an older couple that has a hand-full of rentals that fund their retirement. They flat out said that they’re more interested in accepting less money per month in exchange for good tenants that plan on staying for a while.
We’re now in a great rental that will not require any pulling of teeth with the wife if and when we need to extend our lease due to the RE market not being quite ready to dive back into. Meanwhile, our equity is hibernating in a high interest CD. Life is good right now 🙂
Now we have 3 piggington forum members renting in east Poway. I forgot the name of the other guy who just moved out here.
You got a great deal on the rental, since you have a detached home with yard. We rent a townhouse for $2200/month, it’s 2200 sq ft and has A/C and a small yard. It includes the HOA fee for the community gardener. The kitchen is decent. I turned down all rentals with tile counters in the kitchen.
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