The San Diego rental market is enjoying a period of high rents and low vacancy rates. Many of the homes we manage in beautiful old neighborhoods are renting for as much as $3,500 or $4,500 per month. When I explain this to property owners, they frequently ask me why people are willing to spend that much on rent. There’s confusion about why these tenants wouldn’t own their own properties. Our years of experience in San Diego property management have taught us a few things about what tenants want.
People Often Own and Rent
Many San Diego tenants are homeowners. They own properties in other cities, and they’ve come to San Diego to live for a while. They often want to rent something before they buy in a specific neighborhood. Some tenants are even homeowners in the local vicinity. Many of the tenants we work with own property already.
Relocating and Renting
Sometimes people are ready for a change and whether they sell their homes or rent them out to others, they want to rent in their new city for a little while. People who come to San Diego know that they have a lot of options as far as neighborhoods, communities, and property types. So they rent in the city or the neighborhood to make sure they like it here before they make a financial commitment to buying.
Renting as a Lifestyle
We know the local community, and that’s what we think people are looking for. They want to be in a neighborhood where they are comfortable and they can easily walk to restaurants, shopping, and friends. A lot of our tenants have owned in the past, but they want a different lifestyle. Renting can often feel more carefree. They call their property manager when they have a plumbing issue instead of having to take care of it themselves. This is fabulous for the rental market. People value their lifestyle and maybe they want to go go kayaking and hiking on the weekends. They don’t want to be cleaning gutters or cutting the lawn.
If you have a home in one of these metro areas, and you’re interested in San Diego property management, please contact us at Mercer Properties. We would be happy to talk about it.