How The Shortage of San Diego Rentals Affects You – and What You Can Do About It!
The San Diego County rental market has a vacancy rate of only 2.2%! Why the shortage of inventory? It is a combination of a lack of new home construction and an increase in both population and employment growth. That unfortunately doesn’t leave renters with much of any selection for housing. Due to the scarcity, rents have increased tremendously.
The average 1 bedroom in the county is now close to $1,800 per month. Owners can now be extremely selective in who they rent to. We are frequently seeing owners advertise “no pets” on almost every listing. Additionally, the credit score minimum has increased dramatically for most owners and management companies. Applicants used to get away with lower credit by paying a higher deposit but that is not the case any longer.
Some owners will even discriminate against families, requesting just a single individual, or that no more than two adults may live in the rental (however this type of discrimination is certainly a Fair Housing Violation). The shortage of options, increase in prices, and the stricter rental requirements makes for an awfully daunting rental market.
We have firsthand experience in the rental market as our Lead Showing Specialist frequently helps prospective renters find homes and owners lease out their investment properties. Having property management knowledge on both ends has enabled us to develop a strategy to help all renters even in a tough market.
If you are looking for a rental, we suggest the best way is to line yourself up with someone who has experience. If you have questions or are interested in a FREE CONSULTATION you can reach us at 858-248-7494 or by email at firstname.lastname@example.org.
We can take the stress out of your rental search!