San Diego is second worst city for renters
March 20, 2017
And the bad news just keeps getting worse for San Diego renters. Spiking rents and low vacancy rates have put a hurt on them for some time. And now San Diego is considered the second worst city for renters. That’s according to Forbes, which worked with the real estate services firm, Marcus & Millichap, to determine the best and worst cities for renters in 46 markets.
Miami was the No. 1 worst cities for renters in 2017. Renters in that city are facing some of the same trends as here. Developers are building mostly higher end apartments because they make more money. So lower cost apartments are becoming harder to find.
We even beat Manhattan, which finished third. Here’s the data regarding San Diego:
4Q 2016 Monthly Apartment Rent: $1,748
Y-O-Y % Change in Apartment Rent: 4.8%
4Q 2016 Average Apartment Vacancy Rate: 3.1%
4Q 2016 Median Household Income: $70,580
Apartment Rent as Share of Household Income: 30%
4Q 2016 Monthly Mortgage Payment: $3,087
2016 Employment Growth: 2.0%
Indianapolis finished first as the best place for renters. Here are its numbers: (Check out monthly rent …)
4Q 2016 Monthly Apartment Rent: $806
Y-O-Y % Change in Apartment Rent: 2.5%
4Q 2016 Average Apartment Vacancy Rate: 5.6%
4Q 2016 Median Household Income: $58,518
Apartment Rent as Share of Household Income: 17%
4Q 2016 Monthly Mortgage Payment: $960
2016 Employment Growth: 2.0%
March 20, 2017
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