Economic Alert: Cost of living skyrockets in San Diego - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Economic Alert: Cost of living skyrockets in San Diego

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SAN DIEGO (CBS 8) - It's all about location, location, location as rent in San Diego continues to skyrocket.

Along Ocean Boulevard in Pacific Beach, right next to the water, rent for a three-bedroom can be as high as $7,000 a month.

Throughout San Diego would-be renters are finding it more and more challenging to find an affordable place to call home. Some are even doubling or tripling up into spaces meant for only one or two people.

Rents throughout San Diego, especially in highly sought-after beach communities like Pacific Beach, Ocean Beach and Mission Beach, has surge-up 2.2-percent over the past year, according to the latest study by apartmentlist.com.

The average rent for an one-bedroom is $1,510 and $2,020 for a two-bedroom city-wide.

For months Patrick Mulrooney has been trying, unsuccessful, to find an affordable rental of his own in Pacific Beach.

"The house I'm in currently, we have seven guys living in a three-bedroom house. We are fitting like sardines in there," he said.

Pacific Beach resident Grace Dressler scored a relative deal when she found a two-bedroom last year for only $1,700 a month, but that was only after a series of other 'sticker-shock-inducing' spaces.

"The first five or six places before were closets that had no closets," she said.

University of San Diego economics Professor Alan Gin said the construction of new housing in San Diego is not keeping up with the demand. A supply and demand imbalance is making the competition for affordable rental housing even tougher, according to Professor Gin.

The latest study by Apartment List finds rents in San Diego over the past year have shot up by three-percent compared to two-percent nationwide.

San Diego is now the fourth most expensive city in California to rent - behind San Francisco, Los Angeles and San Jose.

Cities with the highest rents nationwide are currently New York, San Francisco and Jersey City, New Jersey.

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