Good news for investment property owners...rents are up, and vacancies are down.
Despite a weakening economy, rental rates in San Diego County are up 4 percent from a year ago, fueled in part by strong demand as fewer people buy homes and mushrooming foreclosures turn homeowners into renters.
A survey of nearly 800 apartment complexes of 25 units or more revealed that the average monthly rent this month was $1,311, up $50 compared with a year ago, according to MarketPointe Realty Advisors, which released its semiannual report. In September, the average rent was $1,291.
Meanwhile, the vacancy rate stood at 3.6 percent, which is about a percentage point less than it was a year ago.
“The rental rate increase is consistent with what we've seen over the last several years,” said Russ Valone, president of MarketPointe. “With people hesitating to go into the for-sale marketplace, they're staying in rentals, so that's keeping the demand up. There's still a limited number of vacant units, so the rental market is not oversupplied; in fact, it remains a little undersupplied.”
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