San Diego rent prices are rising among the fastest in the US, report finds
SAN DIEGO — San Diego’s hot rental market shows no signs of slowing down.
Rental prices have jumped in the community with the median rent price at $2,970 per month in December 2021, a 29.3% increase from the previous year, a new report from Realtor.com shows. It places the San Diego metro area sixth in average rent increases in the United States and marks the highest average rent increase in California, ahead of the Riverside-San Bernadino-Ontario market.
“People want to live here,” said San Diego-based real estate agent Chad Voisen. “People have always wanted to live in Southern California and they will always want to live in Southern California.”
Voisen added: “The moral of the story is that they are ready to pay the price.”
Here are the top 10 markets for rent increases, per Realtor.com:
- Miami-Fort Lauderdale-West Palm Beach, FL (Rent up 49.8% YoY)
- Tampa-St. Petersburg-Clearwater, Florida (35%)
- Orlando-Kissimmee-Sanford, Florida (34.1%)
- Las Vegas-Henderson-Paradise, Nevada (29.8%)
- Memphis, TN (29.4%)
- San Diego-Carlsbad (29.3%)
- Jacksonville, Florida (29%)
- Austin-Round Rock, TX (28.7%)
- Riverside-San Bernadino-Ontario, California (27.2%)
- Phoenix-Mesa-Scottsdale, Arizona (26.7%)
With few homes for sale on the market, potential buyers turn into well-paying renters, shifting the market for everyone in the area. Experts say the pandemic has also changed the housing market with better work-life balance.
“The rental market inventory is just as low,” Voisen said. “People can’t find housing. The owners ask for more money and they get away with it.
A large group of tenants and buyers in San Francisco are also driving up rental prices. The Bay Area is one of the only areas to see a drop in rental prices, with Realtor.com reporting a 2.5% drop in prices.
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