I finally got my San Diego (Tierrasanta) rental house rented yesterday after it was vacant for 2 months – even after lowering rent by $150 that previous tenants were paying! Yes it’s a slow time of year to find tenants but this experience indicates rental market demand has softened in San Diego. I’ve landlorded since 1989 and the longest I ever had a vacancy previously was 3 weeks.
Other notes:
– Craigslist ads for Tierrasanta rentals offered for rent averaged 8 last summer, 20+ now. Properties languish for weeks, rent giveaways are beginning. Could it be that sellers have given up and are renting out their houses thus increasing rental supply?
– Prospective tenants are aware market has changed, very particular and picky, ask for concessions. No sense of urgency to commit. They balk at having their credit checked.
my lease is up the end of June and I sure as hell won’t be letting my landlord try to dick around with me…
They are so fu**ing stupid: they bought an unusual floorplan home right at the peak of the market, moved into it, lived in in for two years, and then failed miserably at selling (flipping)it last summer…
They are dead ducks…they are down at least 100K (probably 200K) on their new place and they better not try and f**k with me, cause then they’ll watch me move on down the street, into the same house, same neighborhood, that has been sitting vacant for MONTHS, and they’ll be holding the bag on multiple mortgages and wishing I was still around (timely payer for the last two+ years)
Yeah..it’s time for everybody to wake up and smell the coffee…quit trying to take advantage of everyone else.
Do yourself a favor people: “zillow” the address you mail your rent check to every month. find a realtor who will help you find out what type of financing your landlord has on his/her primary AND rental properties…you’ll find a lot of these folks are DEAD MAN WALKING.
Don’t let ’em f**k with ya anymore! No sympathy for idiots!! Renter AND buyer beware.
Do yourself a favor people: "zillow" the address you mail your rent check to every month. find a realtor who will help you find out what type of financing your landlord has on his/her primary AND rental properties…you'll find a lot of these folks are DEAD MAN WALKING.
That's pretty smart, lendingbubbleco. I'm going out and gettin’ a PO Box tomorrow, ha.ha. 🙂
LBC, June will be a different time, if I didn’t move into my current place in June, I probably could have peeled 10-20% off the price.
You may have to suck it up for four months to get you through October, or better, commit to a six month extension which will allow you to find a place in December/January.
Meanwhile, back at my ranch, the neighboring place is still vacant, once again all his flyers in the little box are gone, but still no renters. Having previously checked Zillow, the owner is in great shape, they bought it 20 years ago… still, empty 2.5 months and counting.
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