As a realtor I spend a great deal of time talking about the crazy price of homes these days. Well, rents are also escalating at a crazy prices.
According to researchers at apartmentlist.com, over the last year, San Diego saw a staggering rate of growth in rent prices at 18.3 percent.
Surrounding cities saw similar rent hikes with Vista, Escondido, Oceanside, and Carlsbad all around 20 percent. Chula Vista was not far behind at a 16.9 percent rise in rent over the course of 2021.
According to apartmentlist.com, median rent prices in San Diego are $1,850 for a one bedroom and $2,450 for two bedrooms.
Around the county, Carlsbad tops the list with $2,230 for one bedroom and $2,830 for two bedrooms, whereas Chula Vista is one of the more affordable options with one bedroom units at $1,630 and two bedrooms at $2,250.
It may be better to buy a modest condo if you are paying that kind of rent. With 3 percent down (and 0 percent down if you are a veteran) you can get into a property. If you own the property you are paying off a mortgage with your monthly “rent” and building equity while also enjoying the appreciation we are seeing currently.
If you are renting you are paying off your landlord’s property and giving him the benefit of the investment. Why not build your own wealth instead of your landlord’s? Give me a call and we can run through some numbers to see if this makes sense for you.