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San Diegians' rent climbs, again

Posted by The Aramco Group on Mon, Jul 18, 2016 @ 14:07 PM

Rents are climbing at the fastest rate in nearly a decade, even as some economists estimated the rate hikes had topped out after mortgage rates fell to near all-time lows in July. Average rental costs are 3.8 percent higher than 2015's levels, nationwide, according to the Department of Labor. This represents the fastest pace of rates climbing since 2007.

A report from Apartment List placed San Diego fourth for the most expensive rents in California. It appears that San Diegan residents are willing to pay a premium to live in the County, as housing demand continues to grow.

The cost of monthly rent rose three percent in San Diego in June bring the cost of a one bedroom rental unit to a median price of $1,510. Rising costs in the real estate market are pricing many families out of homeownership, driving many to consider a lease.

Meanwhile, mortgage rates are near all-time lows. Conforming no-point 30-year fixed mortgage rates average 3.375 percent while the 15-year rate is near 2.625 percent.

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