SAN DIEGO — As San Diegans continue to feel the strains of expensive housing, a new study confirms that rent prices across the county have dramatically increased in the past year.
According to Rent.com, studio apartments saw the biggest jump, going up 21%.
“It's insane…it's crazy,” said Brittny Brown, co-founder of Bridgehaus Property Managers.
Brown says even with rent going up across San Diego County, some units are getting 50 offers the first day.
“There's a property right in Solana Beach that the tenants are moving out,” said Brown. “We're raising it $500 a month and I have people offering to send me lunch, to buy my dog a toy, to buy other dogs of the company a toy...whatever.”
According to a study from Rent.com, the average price for a studio apartment in San Diego is $2,378, up 21% from last year. A one-bedroom apartment is up 18% to $2,707. And that's the average.
In Spring Valley, one-bedroom apartments jumped 65%. And that's not even the biggest jump.
In Encinitas, three-bedroom apartments are up 82%.
So, what's behind the sudden spike?
“People realize they can work from home and so they are taking the opportunity to live where they've always wanted to live and live in San Diego,” said Brown.
She added that people moving here from other cities want to live near the coast, driving up rent in those areas.
But then people currently living near the beach get priced out and move East. That pushes up demand there too and, before you know it, prices all over the county are up sharply.
“There just aren't places to rent that are cheap anymore in San Diego,” said Brown. “So, no matter where you go, you're going to pay a premium unless you find an owner who is super generous.”
The other problem is that inflation is forcing a lot of homeowner’s associations in condos to raise their dues, which landlords traditionally pass on to tenants.
Unfortunately for renters, Brown says it looks like things are going to get worse before they get better.
“I don't see any end in sight. People are always going to want to live here,” said Brown.
Without question, it’s paradise at a price.
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