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PermalinkFriday, April 13, 2012
SAN DIEGO — The report says rental rates in San Diego County and the rest of Southern California stopped falling and started going up last year. The USC Lusk Center for Real Estate study found San Diego rents rose 4.3 percent last year. The study says rents will climb another 3.4 percent this year and 5.2 percent next. Demand is pushing up prices, but that demand isn't all created from positive economic developments.
San Diego County Rents Are Rising
Aired 4/13/12
A new report from USC hints 2012 will be a better year to be a landlord than a renter.
"There's definitely a propensity to rent that we didn't have in the past. With so many foreclosures a lot of families have moved from home ownership back into renter-ship," said Tracey Seslin, Senior Research Associate at the Lusk Center.
The Casden Multifamily Forecast found the rising rental rate trend is a dramatic turnaround from 2009, when nearly all the the region's studied by researchers reported rental rates moving down. The regions were split in 2010 and nearly all rose last year.
The rising rents do not signal an economic upswing for the region, because the economic picture is complex and many factors come into play.
"Southern California has been lagging behind the rest of the state and the rest of the nation in terms of job growth," said Seslin.
Comments
Jasmine Rios | April 13, 2012 at 9:19 a.m. ― 1 year, 1 month ago
Very helpful information for property owners looking to rent out their homes. I have found that prospective tenants are still trying to negotiate rental prices down, despite whether rental rates are based on HUDs current Fair Rent index. Can't blame them for trying after seeing rental rates drop so drastically in recent years, but the ride had to end sometime.
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HarryStreet | April 13, 2012 at 9:33 a.m. ― 1 year, 1 month ago
Rents climb because the gov wants to continue spending. Jobs don't pay a living, plenty of people on the streets. Sure sounds like a great idea to raise rents.
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Studying_Nomad | April 13, 2012 at 10:29 a.m. ― 1 year, 1 month ago
what in the world does gov spending have to do with rent?
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Peking_Duck_SD | April 13, 2012 at 11:03 a.m. ― 1 year, 1 month ago
David65 you didn't connect the dots in your argument.
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