Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Four reasons San Diego rents are going up

Rental prices are going up, and the San Diego rental market is extremely strong. To get what you want, you have to compete aggressively. Here are some reasons that the market is on the upswing.

San Diego SkylineDesirability. San Diego has always been a desirable place to live, and because of this there is a constant flow of new people in the market for a rental property.

More former owners. People who were previously homeowners are becoming renters. Due to the amount of foreclosures and short sales in San Diego there is a whole new group of people looking to rent property.

Fewer first-time buyers. Whereas in years previous, there was a consistent flow of people becoming first time homeowners, this is no longer the case. Because local and national banks are giving loans to only a fraction of the number of people in previous years, there are very few first time homebuyers in this market. This eats up rental inventory that would have previously been available.

Foreclosures. The market has taken its toll on the available inventory as well. A lot of investors were buying homes several years ago, which they intended to rent. These homes were not immune to the changing market and several of them are in foreclosure now. Since homes still in the foreclosure process can’t usually be rented, many are effectively off the market, adding to inventory woes.

 

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