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Sunday, Jun 16, 2024

Rents Do Sometimes Come Down

Apartment complexes continued to be a solid investment in San Diego County, with rents on the rise in most San Diego County cities in March, according to figures from the apartment listing service Zumper.

In El Cajon, monthly rents fell $30 to $1,270 for a one bedroom apartment. A two bedroom apartment in El Cajon rented for $1,600 in March.

Monthly rents also fell in National City, dropping $70 for a one-bedroom apartment to $1,360. A two-bedroom apartment went for $1,780 in National City in March.

El Cajon had the lowest monthly rents in the county, with National City a close second.

At the other end of the spectrum, monthly rents in Solana Beach soared $120 in March to $2,480 for a one-bedroom apartment and $3,480 for a two-bedroom apartment.

Even so, Coronado remained the priciest rental market in the county, at $2,630 for a one-bedroom apartment and $3,460 for a two-bedroom apartment.

Meanwhile, another apartment listing service — HotPads — listed San Diego as the seventh most sought-after rental market, meaning it’s popular among renters looking to relocate and among people already living here who don’t want to leave, according to Matt Kreamer, the company’s data public relations manager.

That’s despite a median rent — pegged at $2,740 by HotPads — that requires San Diego renters to pay 38.8 percent of their income on housing.

The listing service reported that 78.6 percent of the home and apartment searches for San Diego on its website came from people who live in San Diego.

Cities that topped San Diego in the number of searches, ranked in descending order, were Chicago, Los Angeles, Atlanta, Seattle, Denver and Philadelphia.


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