Apartment rents fall; vacancies are rising
San Diego County's apartment market saw rents drop for the first time on record in recent months amid the highest vacancy rate in 15 years, according to a pair of new reports. The surveys of large apartment complexes by the MarketPointe Realty Advisors and RealFacts research firms found a weakening rental market that analysts believe will continue into 2010. Ref. Source 4
Rent hikes in San Diego expected to slow
A study by real estate website Zillow found that rents in San Diego will continue to rise but at a slower pace compared with most large cities. Payments could go up 1.4 percent, compared with San Jose at 7.8 percent and San Francisco at 5.9 percent. Ref. Source 3b.
Average rent his $1,618 a month
Average rent was $1,618 a month in San Diego County in March, and the vacancy rate was the lowest in at least five years, said MarketPointe Realty Advisors in its latest report. There is some evidence that people just can’t pay any more. Ref. Source 3y.