Downtown San Diego has some of the highest paid rentals in the nation. Why is that? Could it be the location? The amazing weather? I’m sure all of those are factors but they didn’t just happen over night. Downtown rents are still increasing everyday…slowly but surely.
People report that a major rise in the rental market is because of the large number of people that have lost their homes due to foreclosure or forced short sale. If people cant afford their homes anymore they are obviously going to have to start renting, unless they want to sleep on the street which is not an acceptable means of living for most. So when will the rent stop rising? Its hard to say and I don’t see it happening anytime soon. Inventory in the Downtown market is at an all time low and the units that do come available are gone within days and sometimes even hours.
Agents, Brokers and real estate professionals have been setting records in rental turn around time and prices that Condo and Loft home owner clients can charge for their homes. It will be interesting to see where this goes and how much longer it goes on for.
Hopefully…we are almost to the end of this dramatic housing decline, we all know it can’t get to much worse. ')}