Report: Rents to Increase Nationally, Hold Steady in San Diego
A new national report says rents will be going up around the country, but prices for rental property will probably be flat in San Diego.
A new national report says rents will be going up around the country, but prices for rental property will probably be flat in San Diego. A real estate investment firm predicts rents will go up about five percent, nationally. The survey says San Diego rents will stay flat because of the large number of condos on the rental market. Bob Pinnegar is the executive director of the San Diego County Apartment Association. He says the local condo market isn't responsible for keeping rents low.
Rents held flat for the last two years, they were essentially flat. And that's really attributable to those people who could afford to pay higher rents. They were opting to buy a condo conversion or buy that first home.
Pinnegar says rents are more closely tied to job creation. He says economic forecasts point to little local job growth and he says that's a good indicator that rents will also be flat.