New analysis reveals rent has skyrocketed during the last year across the San Diego area.
SAN DIEGO COUNTY, Calif. — If you’re a renter, you in all probability know the way laborious it’s to seek out an reasonably priced place to reside nowadays.
New analysis reveals rent has skyrocketed during the last year across the San Diego area. “Throughout 2021, we were seeing rent growth far above the typical trends that we’re used to in pre-pandemic years,” stated housing economist, Chris Salviati.
According to researchers at apartmentlist.com, during the last year, San Diego noticed a staggering rate of progress in rent costs at 18.3%. Surrounding cities noticed related rent hikes with Vista, Escondido, Oceanside, and Carlsbad throughout 20%. Chula Vista was not far behind at a 16.9% rise in rent over the course of 2021.
“That 17% that we’re seeing in Chula Vista is still an extremely high rate of rent growth,” stated Salviati. “But really, across the board, we’re seeing really fast rent growth throughout the region.”
The charges of enhance across the county are extraordinarily excessive compared to earlier years.
“I mean, it’s huge,” stated Dr. Alan Gin, economics professor on the University of San Diego. “Typically inflation, in terms of rent, is in the low single digits so if you have something approaching 20%, that is a really big number.”
Dr. Gin says rent progress numbers like these actually put stress on the cost-of-living for folks with decrease incomes.
“People at the lower end are more likely to be renters and so if the rent goes up almost 20%, that’s more money out of their pocket,” stated Dr. Gin.
According to apartmentlist.com, median rent costs in San Diego are $1,850 for a one-bedroom and $2,450 for two-bedrooms.
Looking across the county, Carlsbad tops the checklist with $2,230 for one-bedrooms and $2,830 for two-bedrooms, whereas Chula Vista reveals up as one of many extra reasonably priced choices with one-bedroom models at $1,630 and two-bedrooms at $2,250.
“You tend to find lower prices both in the south bay and also in east county as well,” stated Dr. Gin. “So rents tend to be lower in those areas.”
Rent costs year-to-year usually see progress wherever from 1% to five%, so why did the numbers rise so drastically final year?
“We’re seeing more and more folks just simply renewing leases, so I think a lot of that is just folks not wanting to move during the pandemic,” stated Salviati.
“At the same time, we’ve been seeing delays in the construction pipeline related to the pandemic as well. Labor shortages, increase in materials costs, particularly lumber, are having a factor there,” said Salviati. “Overall, what it comes down to is we’re seeing a lot of demand right now and very low vacancies, so not a lot of inventory available and a lot of folks competing for what is available.”