Rents Increase as Home Prices Slowdown
Why are rental rates increasing while the local real estate market experiences a slowdown? Realty advisors Dan Holbrook and Bob Pinnegar from the local Apartment Association talk about the latest tre
Tom Fudge : A lot of things are expensive in San Diego. But the cost of housing in San Diego is the number one hardship for people struggling to make ends meet. Recently, you might think that hardship has gotten a little less hard. A new softness in home sales have brought down the cost of buying a home. The median home price last month was down 5%, compared to a year before. The number of homes sold in the country last month was down a whopping 21% from a year before. Those numbers, incidentally, come from the Dataquick Corporation.
If the softening in home prices is good news for people hoping to buy, there’s bad news for renters. Rents have recently gone up in San Diego, and the rental vacancy rate has gone down. In short, there’s a lot going on in the housing market.
president of At|vantage Realty and host of
Real Money Real Estate
on KCEO AM 1000.
- Robert Pinnegar , executive director of the San Diego County Apartment Association.