Rents appear to be mooning

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Submitted by gzz on July 30, 2021 - 8:21am

I used zillow's draw feature to create a zone that was a box with the 8, 56,and 15, then added in Del Mar, Point Lomam, OB, Hillcrest, Mission Hills Downtown and the the western parts of Golden Hill and Northpark.

In this box there are 166 rent listings for 2/2s. Of these 166, the only ones below 2k were $1945, $1950, and $1995. Further investigation shows two of these are fake listings and the third isn't open until Sept 15.

The cheapest listing for right now is $2200. And of the ~160 listings, only 36 are below $2800.

I think some landlords are holding back because of the eviction pause that is about to end. But gains like this support recent RE price gains.

Here's an archive.org check. La Jolla Palms website now says starting at $2865. In Sept 2020, they said starting at $2175, up 32% in 10 months.

Submitted by pokepud3 on July 30, 2021 - 9:01am.

Yes rents have gone up but not as much as you think historically at least in the UCSD area. La Jolla/UTC last year took a massive hit when UCSD basically closed up in campus classes and the majority of the kids stayed at home to do their classes remotely.

My 2/2 on Gilman Dr, went from $2400 which was the avg rent in 2018/19 to $2150 just so it would get rented out. This year tenants moved out and it went for $2800 easily. Some were going for $2900 and probably got what they asked for. In reality though it's only up maybe.. 3-4% per year which is avg for San Diego. This is only for utc/UCSD area.

With all that said, rent throughout is definitely going up and I assume thats due to the much higher selling prices homes are now commending. Got to make those up somehow..

Submitted by gzz on July 30, 2021 - 9:18am.

2400 to 2800 in two years is 8.3% per year and to $2900 is 10.4% a year.

Not bad!

5k more undergrads must mean a lot more staff and faculty too. The new trolley line however will let them live off campus more easily. It seems to be a rare government project with fast paced construction.

Submitted by gzz on August 2, 2021 - 8:33am.

Kinda dumpy Oceanside complex sells for 74.1M, prior sale was 3/2019 for 57.1M.

https://www.globest.com/2021/08/02/ocean...

30% gain in about 2.25 years.

I think the new owner will be pleased with the return on investment.

Submitted by Coronita on August 2, 2021 - 8:37am.

gzz wrote:
Kinda dumpy Oceanside complex sells for 74.1M, prior sale was 3/2019 for 57.1M.

https://www.globest.com/2021/08/02/ocean...

30% gain in about 2.25 years.

I think the new owner will be pleased with the return on investment.

So is this inflation?

Submitted by gzz on August 2, 2021 - 8:37am.

Huge project opening downtown:

https://www.sandiegouniontribune.com/bus...

I lived in a great Bosa building (Discovery Cortez Hill) my first few months in San Diego.

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