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San Diego County rent reaching record highs

A new study finds that rents locally are rising the fastest in areas like Chula Vista, Imperial Beach, Poway, Santee and Ramona.

CHULA VISTA, Calif. — While rent in much of the rest of the United States is starting to go down slightly, here in San Diego we are seeing record highs.

A recent study by CoStar, which tracks the real estate market, shows that rent in San Diego has jumped in the past year by 3.4%, now just over $2400 a month. This was the largest increase in California, with rents in Los Angles up 1% and in San Francisco down by half a percent.

"It has gone up... every year it goes up a significant amount!," said Priscilla Morales. 

She and her husband rent a two-bedroom in Chula Vista, where rent has jumped by about 6.5 percent over last year, according to CoStar.

The Morales' $2300 rent keeps climbing year after year.

"Not just $50 or $75 -- more like $100 or $150," she told CBS 8. 

This means that they are forced to save wherever they can, especially with inflation also rising.

"We cut out a lot on our groceries, we try to get the cheapest things, but it is still a struggle," she added. 

This study finds that rents locally are rising the steepest in areas like Chula Vista, Imperial Beach, Poway, Santee and Ramona.

"What we are seeing now is a lot of people are trying to economize," said Alan Gin, Professor of Economics at the University of San Diego.

"They might be doubling up, they might be moving from a two bedroom apartment to a one bedroom, they might be moving from a high end complex to a lower end complex," he told CBS 8. 

Gustavo Lopez, who just turned 30, is sharing rent with his parents and a sibling, where they rent a three-bedroom in San Ysidro for a relative bargain of $1900.

"I mean, I could pay for my own thing, but for us it doesn't make sense, for them or for me," he said. 

Compared to the rest of the U.S.

  • San Diego's rent hike was seventh highest
  • Indianapolis and Kansas City seeing the largest average increases.  
  • Las Vegas, Phoenix and Austin experienced the biggest decreases in rent, according to CoStar,

Gin said that, for San Diegans, there may be some good news on the horizon.

"The economy is expected to slow, and that will takes pressure off rent increases," Gin added. 

Over the past couple of decades, the only time that rents have gone down in San Diego was during the Great Recession of 2008 and 2009, according to Gin. 

WATCH RELATED: Study shows you can earn $100,000 and still be 'broke' in San Diego (April 2023).

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