If you’ve followed the San Diego rental market over the last 5 years, you know that the SD rental market has seen some of the biggest increases in the nation.
With inflation and a recession on the horizon, the big question is are rent increases in San Diego finally starting to slow? The answer to this question is both yes, and no.
Average Rent in San Diego for July 2022
Right now, the average rent in the San Diego area for a 1-bedroom apartment is $2,916 for an 875-square-foot apartment.
Rent increases in the San Diego area have slowed at least 6% in the last 30 days but, rents are still double what they were during the same period of time last year.
Since the end of the Federal Eviction Moratorium, landlords in San Diego County can increase rent by as much as 10% if they own a non-exempt rental property, while rents on properties that can be classified as "exempt", can be raised by more than 10%.
Before raising rents, landlords are encouraged to contact a local property manager, like GoldenWest Management, to discuss what they should be renting their property for in the city that it's located in.
Rents Across San Diego County
Across the San Diego area, renters are finding deals as they move farther inland because rents are often less in East County towns than in the city itself.
El Cajon – Average rent - $2,049 for 811 sq ft apartment
La Mesa – Average rent - $2,178 for 832 sq ft apartment
Spring Valley – Average rent - $2,231 for 877 sq ft apartment
Santee – Average rent - $2,255 for 856 sq ft apartment
San Diego Among Top 5 Cities with Rent Decreases
The San Diego rental market is among the top 5 rental markets in the nation that have seen rent decreases in recent months, but will this trend continue?
As the country grapples with a variety of economic factors that are directly impacting the budgets of most Americans, it’s likely that we will see the trend continue as many people are leaving big cities for smaller metro areas.
Contact GoldenWest Management
At GoldenWest Management, we specialize in managing single-family and multifamily properties in San Diego, Las Vegas, and Phoenix.
Our team will save you the time, money, and hassle of managing your rental property yourself so that you can enjoy the passive income that comes from owning rental properties.
To learn more about the services we can offer you, or to get a quote, contact us today by calling (866) 545-5303 or click here.
