Rents are going up all over the US and at a pretty fast rate. The infographic above makes the point quickly but it’s important to realize that we rents in San Diego are higher and are increasing at a faster rate than in most areas of the US.
The Union-Tribune recently reported on some research done by Zillow about increasing rents here in San Diego.
According to the Zillow, rents the “lower end”of the spectrum (units in San Diego as having a monthly rent of anything under $1,950) are going up and quickly!
As reported in the Union Tribune:
The median rent at the bottom rung of the San Diego County apartment market rose nearly 16 percent faster in the last year than the market as a whole, said a new study from real estate website Zillow.
Part of the problem is scarcity of construction in a city that doesn’t have a lot of room to build and where much of the building is on premium apartments. According to an article in the paper:
Eleven percent of new construction since 2014 has been at the low-end, but high-end has accounted for 64 percent of building — leading to more competition for cheaper places.
Surprisingly, there continues to be no shortage of renters who are willing to pay for luxury apartments.