Rents in Penasquitos

[dumbrenter]

I have done the regular google search, union tribune, craigslist, housing maps …. etc but just could not find enough data to make a decision.

The question I have is: have rental values gone down in Penasquitos area? To be more specific, what is the fair rental rate in today’s market for a 2 bedroom, 2.5 bath, 2 car garage condo around Black Mtn and 56 ? I am looking at property asking for $1900 per month.

Are there any resources that folks here could point to where I can get more rental data? Thanks.

[surveyor]

rent data

Try zilpy.com and rentometer.com. There’s a certain skew to their data, though. Sometimes their data is off by +/- 10%. Still, they do list where they get the data from, and maybe your condo will show up there.

From the SDCAA report a few months ago (January), a 2 bedroom in Rancho Penasquitos’ average rent was $1509, at around $1.29 per sq. ft. This was probably an apartment, though, not a condo.

The UT reports today that rents have gone up in San Diego county around 3.7%. The rental market is pretty tight nowadays. I don’t see rents going down anytime soon.

[surveyor]

rent data

Try zilpy.com and rentometer.com. There’s a certain skew to their data, though. Sometimes their data is off by +/- 10%. Still, they do list where they get the data from, and maybe your condo will show up there.

From the SDCAA report a few months ago (January), a 2 bedroom in Rancho Penasquitos’ average rent was $1509, at around $1.29 per sq. ft. This was probably an apartment, though, not a condo.

The UT reports today that rents have gone up in San Diego county around 3.7%. The rental market is pretty tight nowadays. I don’t see rents going down anytime soon.

[surveyor]

rent data

Try zilpy.com and rentometer.com. There’s a certain skew to their data, though. Sometimes their data is off by +/- 10%. Still, they do list where they get the data from, and maybe your condo will show up there.

From the SDCAA report a few months ago (January), a 2 bedroom in Rancho Penasquitos’ average rent was $1509, at around $1.29 per sq. ft. This was probably an apartment, though, not a condo.

The UT reports today that rents have gone up in San Diego county around 3.7%. The rental market is pretty tight nowadays. I don’t see rents going down anytime soon.

[surveyor]

rent data

Try zilpy.com and rentometer.com. There’s a certain skew to their data, though. Sometimes their data is off by +/- 10%. Still, they do list where they get the data from, and maybe your condo will show up there.

From the SDCAA report a few months ago (January), a 2 bedroom in Rancho Penasquitos’ average rent was $1509, at around $1.29 per sq. ft. This was probably an apartment, though, not a condo.

The UT reports today that rents have gone up in San Diego county around 3.7%. The rental market is pretty tight nowadays. I don’t see rents going down anytime soon.

[surveyor]

rent data

Try zilpy.com and rentometer.com. There’s a certain skew to their data, though. Sometimes their data is off by +/- 10%. Still, they do list where they get the data from, and maybe your condo will show up there.

From the SDCAA report a few months ago (January), a 2 bedroom in Rancho Penasquitos’ average rent was $1509, at around $1.29 per sq. ft. This was probably an apartment, though, not a condo.

The UT reports today that rents have gone up in San Diego county around 3.7%. The rental market is pretty tight nowadays. I don’t see rents going down anytime soon.

[dumbrenter]

Thanks Surveyor

The zilpy site was very useful. The $1900 rent I mentioned is within the range of rents I see there.

I was under the assumption that the rental market should be cheaper than say, 2 years ago due to lack of potential renters, i.e. those who were alive and breathing managed to become homeowners instead of staying renters except a few cases like me. The lack of demand plus a glut of supplies should have resulted in lower rents.

Both the UT reference and the zilpy.com link contradict my assumption.

Could you let me know why you think rents will not be going down?

[dumbrenter]

Thanks Surveyor

The zilpy site was very useful. The $1900 rent I mentioned is within the range of rents I see there.

I was under the assumption that the rental market should be cheaper than say, 2 years ago due to lack of potential renters, i.e. those who were alive and breathing managed to become homeowners instead of staying renters except a few cases like me. The lack of demand plus a glut of supplies should have resulted in lower rents.

Both the UT reference and the zilpy.com link contradict my assumption.

Could you let me know why you think rents will not be going down?

[dumbrenter]

Thanks Surveyor

The zilpy site was very useful. The $1900 rent I mentioned is within the range of rents I see there.

I was under the assumption that the rental market should be cheaper than say, 2 years ago due to lack of potential renters, i.e. those who were alive and breathing managed to become homeowners instead of staying renters except a few cases like me. The lack of demand plus a glut of supplies should have resulted in lower rents.

Both the UT reference and the zilpy.com link contradict my assumption.

Could you let me know why you think rents will not be going down?

[dumbrenter]

Thanks Surveyor

The zilpy site was very useful. The $1900 rent I mentioned is within the range of rents I see there.

I was under the assumption that the rental market should be cheaper than say, 2 years ago due to lack of potential renters, i.e. those who were alive and breathing managed to become homeowners instead of staying renters except a few cases like me. The lack of demand plus a glut of supplies should have resulted in lower rents.

Both the UT reference and the zilpy.com link contradict my assumption.

Could you let me know why you think rents will not be going down?

[dumbrenter]

Thanks Surveyor

The zilpy site was very useful. The $1900 rent I mentioned is within the range of rents I see there.

I was under the assumption that the rental market should be cheaper than say, 2 years ago due to lack of potential renters, i.e. those who were alive and breathing managed to become homeowners instead of staying renters except a few cases like me. The lack of demand plus a glut of supplies should have resulted in lower rents.

Both the UT reference and the zilpy.com link contradict my assumption.

Could you let me know why you think rents will not be going down?

[surveyor]

more rents…

Long story short, the amount of foreclosures is creating renters from former homeowners and there is more demand for affordable housing.

While it is true that there is a huge amount of inventory, this inventory is for sale and not for rent. Unless there is a mechanism in place for quickly converting foreclosures to rental properties, I do not believe that rental prices will go down. In fact, the amount of foreclosures create even more renters, and are competing with the current rental pool for affordable rental properties. This is something I’ve been saying for some time now, but there are some piggs here who vehemently disagree with me.

It’s nice for buyers that there are a lot of empty properties being held by banks, but unless the banks can convince real estate investors to buy them and convert them to rentals, and to do this on a large enough scale, the rents are staying where they are. Considering the reluctance of many banks to lend money and the inability of real estate investors to make money at these prices, I can’t see rents going down. Many see real estate inventory the same as rental inventory and that’s simply inaccurate.

The rental prices in San Bernardino and Riverside are going down, but that I think is more a result of the lack of economic activity there than the inventory.

IMHO, there will be a situation where there will be huge numbers of empty bank-owned properties and rentals being overwhelmed with demand.

I think there will be two events which will lower rents – a prolonged and deep recession for San Diego (which would place more pressure on affordable rental units) and when you see renters becoming homeowners again.

Your best bet to get a below market rent would be not to deal with property management and large apartments, but instead probably those small homeowners/landlords who are more “fearful” and are more likely to lower your rent to below $1900 just to get a good tenant in there. There are a few out there, but they get snatched up quickly.

My two cents.

[surveyor]

more rents…

Long story short, the amount of foreclosures is creating renters from former homeowners and there is more demand for affordable housing.

While it is true that there is a huge amount of inventory, this inventory is for sale and not for rent. Unless there is a mechanism in place for quickly converting foreclosures to rental properties, I do not believe that rental prices will go down. In fact, the amount of foreclosures create even more renters, and are competing with the current rental pool for affordable rental properties. This is something I’ve been saying for some time now, but there are some piggs here who vehemently disagree with me.

It’s nice for buyers that there are a lot of empty properties being held by banks, but unless the banks can convince real estate investors to buy them and convert them to rentals, and to do this on a large enough scale, the rents are staying where they are. Considering the reluctance of many banks to lend money and the inability of real estate investors to make money at these prices, I can’t see rents going down. Many see real estate inventory the same as rental inventory and that’s simply inaccurate.

The rental prices in San Bernardino and Riverside are going down, but that I think is more a result of the lack of economic activity there than the inventory.

IMHO, there will be a situation where there will be huge numbers of empty bank-owned properties and rentals being overwhelmed with demand.

I think there will be two events which will lower rents – a prolonged and deep recession for San Diego (which would place more pressure on affordable rental units) and when you see renters becoming homeowners again.

Your best bet to get a below market rent would be not to deal with property management and large apartments, but instead probably those small homeowners/landlords who are more “fearful” and are more likely to lower your rent to below $1900 just to get a good tenant in there. There are a few out there, but they get snatched up quickly.

My two cents.

[surveyor]

more rents…

Long story short, the amount of foreclosures is creating renters from former homeowners and there is more demand for affordable housing.

While it is true that there is a huge amount of inventory, this inventory is for sale and not for rent. Unless there is a mechanism in place for quickly converting foreclosures to rental properties, I do not believe that rental prices will go down. In fact, the amount of foreclosures create even more renters, and are competing with the current rental pool for affordable rental properties. This is something I’ve been saying for some time now, but there are some piggs here who vehemently disagree with me.

It’s nice for buyers that there are a lot of empty properties being held by banks, but unless the banks can convince real estate investors to buy them and convert them to rentals, and to do this on a large enough scale, the rents are staying where they are. Considering the reluctance of many banks to lend money and the inability of real estate investors to make money at these prices, I can’t see rents going down. Many see real estate inventory the same as rental inventory and that’s simply inaccurate.

The rental prices in San Bernardino and Riverside are going down, but that I think is more a result of the lack of economic activity there than the inventory.

IMHO, there will be a situation where there will be huge numbers of empty bank-owned properties and rentals being overwhelmed with demand.

I think there will be two events which will lower rents – a prolonged and deep recession for San Diego (which would place more pressure on affordable rental units) and when you see renters becoming homeowners again.

Your best bet to get a below market rent would be not to deal with property management and large apartments, but instead probably those small homeowners/landlords who are more “fearful” and are more likely to lower your rent to below $1900 just to get a good tenant in there. There are a few out there, but they get snatched up quickly.

My two cents.

[surveyor]

more rents…

Long story short, the amount of foreclosures is creating renters from former homeowners and there is more demand for affordable housing.

While it is true that there is a huge amount of inventory, this inventory is for sale and not for rent. Unless there is a mechanism in place for quickly converting foreclosures to rental properties, I do not believe that rental prices will go down. In fact, the amount of foreclosures create even more renters, and are competing with the current rental pool for affordable rental properties. This is something I’ve been saying for some time now, but there are some piggs here who vehemently disagree with me.

It’s nice for buyers that there are a lot of empty properties being held by banks, but unless the banks can convince real estate investors to buy them and convert them to rentals, and to do this on a large enough scale, the rents are staying where they are. Considering the reluctance of many banks to lend money and the inability of real estate investors to make money at these prices, I can’t see rents going down. Many see real estate inventory the same as rental inventory and that’s simply inaccurate.

The rental prices in San Bernardino and Riverside are going down, but that I think is more a result of the lack of economic activity there than the inventory.

IMHO, there will be a situation where there will be huge numbers of empty bank-owned properties and rentals being overwhelmed with demand.

I think there will be two events which will lower rents – a prolonged and deep recession for San Diego (which would place more pressure on affordable rental units) and when you see renters becoming homeowners again.

Your best bet to get a below market rent would be not to deal with property management and large apartments, but instead probably those small homeowners/landlords who are more “fearful” and are more likely to lower your rent to below $1900 just to get a good tenant in there. There are a few out there, but they get snatched up quickly.

My two cents.

[Author]

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