Smarter San Diego | Rent vs Own in San Diego


Smarter San Diego | Rent vs Own in San Diego

Nicole & guest Whitney Benzian, Executive Director of the CA Apartment Association SD office, debate renting vs owning a home in Downtown San Diego! Bottom line is, if you are thinking about home ownership, contact us today to discuss your personal scenario!

Check out our notes from the show:

DOWNTOWN SAN DIEGO SALES ANALYSIS

The following stats represent all listed residential sales on the MLS in the 92101 area. The percentage increase in price point on average is 6% in 92101 as a whole but can vary by neighborhood.

The average asking rent price for individually owned condos listed on the MLS is $3,086.

In the 3rd Qt, rented residential units were priced between $1,350-$7,250 with an avg of $2,858 or $2.75/ft.

3rd Quarter 2015: Quarterly Average Sold

  • 2bd, 2bth = $2,754 rent | $33,048 Annual vs. $670,000 Avg | $500 HOA (110 sales)
  • 1bd, 1bth = $2,022 rent | $24,264 Annual vs. $375,000 Avg | $300 HOA (69 sales)
  • 2bd, 2 bth < Conv. Loan Limit | $2,754 rent | $381,000 Avg | $450 HOA (13 sales)

 

DOWNTOWN SAN DIEGO RENTAL HOUSING ANALYSIS

The following statistics represent 25 apartment communities in the 92101 area code larger than 50 units. 5,435 units were analyzed by Real Answers to establish the following statistics. It is also important to note that the recent increase in expensive, brand new buildings can skew the numbers upward.

3rd Quarter 2015: Quarterly Average Asking Rental Trends

The average rent this quarter was $2,196.

  • 3 bd, 2bth = $3, 701  / 1 yr change of 13.8%
  • 2bd, 2bth = $2, 754   / 1 yr change of 6.1%
  • 2bd, 1 bth = $2, 299   / 1 yr change of 9.6%
  • 1bd, 1bth = $2,022   / 1 yr change of 5.2%

3rd Quarter 2015: Quarterly Average Asking Rent per Square Foot

  • 3 bd, 2bth = $2.71     /   9.3% increase from 3Q14
  • 2 bd, 2bth = $2.68   /   6.8% “
  • 2bd, 1 bth = $2.55   /   9.4% “
  • 1bd, 1bth = $2.83   /   6.8% “

Quarterly Averange Occupany Trends

Downtown San Diego has seen an approximately 6.5% dip in rental occupancy since Q1,15.

  • 3Q15 = 85.9% for a – 4.1% dip from 3Q14
  • 3Q14 = 89.6 %

 

 

 

Posted in Smarter San Diego, Videos.

Leave a Reply

Your email address will not be published. Required fields are marked *