San Diego Housing Market News and Analysis
rental market update
User Forum Topic
Submitted by gzz on August 19, 2021 - 4:00pm
Someone I know is looking for a 1/1. Perfect credit, 100k+ income, references etc. Less than 1 in 10 of the listings he contacts even get back to him!
San Diego's increases are being matched in other nice cities that used to be cheap. From ZH:
The mother of two profiled by Bloomberg, then racked up more than $1,000 on non-refundable application fees that she handed to about 10 landlords, sometimes getting in line without even seeing the properties first. A couple days before her lease expired in June, Santiago took a last-ditch drive. She visited five apartment complexes, all filled. The sixth, a vast complex with 22 buildings, had one unit available.
The two-bedroom cost more than $1,900 a month, including a mandatory cable bill -- more than Santiago would have paid if she renewed her old lease. But in the end she paid, even though she could hardly afford it before it was gone.
“I didn’t know how hard it was to find something,” Santiago said. “Looking back, maybe I should have stayed.”
And as long as people continue to willingly pay the exorbitant rates that landlords demand, the pricing insanity will remain.
Yet nowhere is the pricing surge greater than in the Sun Belt cities that have seen an influx of arrivals from the pandemic amid an exodus from progressive liberal bastions as New York and San Francisco. The Phoenix area had the country’s biggest increases in rents for single-family houses in June, with an almost 17% surge from a year earlier, according to data released this week from Corelogic. It was followed by Las Vegas, with a 12.9% gain; Tucson, Arizona, at 12.5%; and Miami, up 12.4%.
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