Updated March 11, 2022
Year-Over-Year Rent Price Analysis
The subject of today’s snapshot is for Mid-City, San Diego, California. Based on our analysis, Mid-City, San Diego’s year-over-year average rents increased across all bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Mid-City, San Diego’s 1–2 bedroom rents from March 1, 2021 – March 1, 2022:
As the table shows, 1BR units increased by 6% from last year or $82 more, and the 2BR units increased by 11% from last year or $204 more. As demonstrated by the table, year-over-year performance for all selected bedroom types increased in rent prices from last year.
Market Activity: San Diego, California
Are you interested in investing in San Diego? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the San Diego rental market that can help you with your investment analysis and overall decision.
- Price-to-Rent Ratio
- Avg 2BR House Price: $594,000 (According to Redfin)
- Avg Annual 2BR Rent: $25,212 ($2,101 x 12 months)
- Price-to-Rent Ratio: 24
- Population Growth:
- San Diego’s population increased by 6% over the last decade from 2010 to 2020 (According to US Census)
- Major Companies & Institutions: San Diego Gas & Electric, CSL, Kratos Defense & Security Solutions, Arena Pharmaceuticals, NuVasive, Qualcomm, Therapeutics, LPL Financial, ResMed,Cubic, Sharp HealthCare, Petco Holdings, Scripps Health
- Employment Growth: Employment growth increased by 4% in San Diego from 2020-2021 (According to US Bureau of Labor Statistics)
About Rentometer
Rentometer is the #1 tool for comparing residential rent rates anywhere in the U.S. To succeed as a real estate investor, you need solid, current market intelligence to help you set the right rent rates in San Diego. Understanding local rents (and the factors that drive them) can help reduce investment risk, increase occupancy and improve your cash flow – and income. With Rentometer, you have local, current rents available right at your fingertips.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.