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San Diego County Rental Market May See Rebound
by Douglas Crenshaw
California may lead the trend in the rental market rebound. With rental prices becoming stable in California, it seems some prosperous locations in the state may lead to rent increases in the next 12 months. This is after rents in most parts of California have been going down in the last year.
San Diego county may be the one market to lead the charge. Analysts at the University of Southern California have released a report predicting that rents in San Diego county should be the first to increase in the next year. The report predicts that San Diego rental rates will rise by several cents per square foot in the first quarter 2010, while Los Angeles county, Orange county, and Riverside rental rates will continue to fall. Vacancy rates are also expected to drop. This great news for landlords that have been hit hard by the recent economic times.
The state of California was hit hard by the housing crash in 2008. Houses prices dropped and people in some higher rent areas fled to more affordable housing. This trend has forced landlords statewide to drop rental rates. Even so, vacancies have become more prevalent, placing many landlords in a tight spot. Renters have generally been able to find great deals given by landlords desperate to get anybody to occupy their units.
Starting in SD county in 2011, this climate is expected to change. Analysts also expect that landlords will be less likely to sweeten the pot with deals. They will stop offering free utilities and lower deposits. Some market experts predict we do not have to wait until 2011 to see this trend, they say it can start at the end of 2010. Either way they predict it will have its genesis in the San Diego county area and spread out from there.
With rents set to increase many potential renters may want to consider in signing longer leases at the current market price. Even though the rental market seems to have become stable there are still nice deals available for renters. They would be wise to take advantage of this trend as it will be reversing itself soon enough.
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