If you’re a renter and it feels like the pain has been going on for a while, you’re right. More than two years, in fact, as local rental costs have risen 30% since the pandemic began.
Apartmentlist.com, in its August Rent Report, notes that the market has cooled slightly from last summer’s peaks, but in the past year San Diego rents have jumped 17.6%.
To compare, the state median rent rose by 12.3% and the national median rose by 11.7% in the same period.
The web service also suggests that with the recent increase in interest rates renters will be shut out of the home-buying market, adding to the competition for rentals.
In other local findings from the report, based on data collected through July:
- Rents in San Diego increased 1.6% month-over-month in June, compared to 1.3% nationally. That growth, while painful, isn’t the worse in the country – San Diego ranks 27th among the nation’s 100 largest cities on the month-to-month rate rise.
- The current year-over-year rental growth in San Diego, 17.6%, exceeds the 14% posted one year ago. The new growth places San Diego 16th among the nation’s 100 largest cities.
- Median rents in San Diego currently stand at $2015 for a one-bedroom apartment and $2597 for a two-bedroom.
- The last time San Diego saw a rent decline was December.
On a percentage basis, some San Diego suburbs logged rises even sharper than San Diego’s:
- Chula Vista – year-over year growth, 21.7%, to $1,730 for a one-bedroom and $2,370 for two.
- Escondido – year-over year growth, 22.1%, to $1,870 for a one-bedroom and $2,260 for two.
- La Mesa – year-over year growth, 20.1%, to $1,960 for a one-bedroom and $2,470 for two.
- Oceanside – year-over year growth, 19.9%, to $2,020 for a one-bedroom and $2,580 for two.
- Vista – year-over year growth, 19.5%, to $1,990 for a one-bedroom and $2,320 for two.
Looking for a slowing market? Try Phoenix, according to Apartment List, which reports that rents outside the city, in Scottsdale, have fallen by almost 7% this year, though after a protracted boom.