SAN DIEGO — Jordan Bryant is moving out of his Vista Apartment complex. After three years of rent increases, he's been priced out.
“This was economical when we first moved in here, around $1,800,” he said, pointing to his building. “Now they want $2,700.”
Jordan said he hasn't found any great deals apartment hunting so, for now, he's moving in with family. But according to a new rental market report from Zillow, his luck might be about to change.
“Across the country, now we have more apartments being completed than we've had since 1973 and so with more listings on the market, renters now have more options,” said Orphe Divounguy, Senior Economist with Zillow. He says 34 percent of rental listings on Zillow right now include landlords offering concessions.
“Renters that don't move that stay put tend to get an even sweeter deal than people who move,” Divounguy said. “Sweeteners like a free week's rent or free parking.”
He said some renters are also getting landlords to waive application fees.
According to Zillow, San Marcos was among the areas seeing the biggest drop in rent over the last month. The price of a one bedroom is down $137. National city dropped $111. Vista is down $52.
The City of San Diego came in unchanged at $2,400 for a one bedroom.
The biggest jumps took place in La Mesa — up $57 a month. Santee up $82. And Encinitas, which shot up $150 a month for a one bedroom unit.
“It's got everything to do with supply and demand forces,” Divounguy added. “So we're seeing rent growth cooling the fastest in markets that have allowed builders to continue to build housing.”
Nationwide, Zillow sees rent increases slowing, but overall their numbers still find too many people are forced to spend more than they can comfortably afford on rent.
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