San Diego County Newer Apartment Rentals Command 50% Higher Rates than Older Units
San Diego, California, March 2008 – New Apartment Rental units in San Diego County continue to post premium rental rates, according to MarketPointe Realty Advisors, Inc., RentalTrends March, 2008 survey.
While units in developments that have opened since 2003 hold just an $86 premium, or 5 percent, over the average rental rate at developments opened from 1998 to 2002, there is a much larger gap between projects that entered the marketplace prior to 1998. Newer units, those opened since 2003, command a 50 percent monthly premium over units that opened prior to 1998, or more than $600 per month. Along with higher average rents, newer units offer more than 19 percent more average square footage, or an additional 159 square feet than the older projects. In terms of rent per square foot, newer projects command better than 26 percent more than older projects at an average of $1.85 per square foot. “Despite the fact that there is a premium for newer units, new units entering the marketplace continue to be quickly absorbed thus demonstrating the strong demand for new rental housing in the region,” said Robert Martinez, Director of Research at MarketPointe Realty Advisors, the real estate database and consulting organization that publishes RentalTrends.
Comprehensive comparative rental rates and trends can be found in RentalTrends semi-annual publication, or an overview on the San Diego Apartment Rental Market may be assessed in the RentalTrends Executive Summary, both released March, 2008.
RentalTrends is considered the most comprehensive and detailed audit of apartment complexes throughout San Diego County, from an unbiased, yet knowledgeable source.
MarketPointe Realty Advisors provides new home, apartment rental, and proposed development information and real estate consulting services. Phone San Diego 619-233-3781, or Orange County 714-528-2554. website is www.marketpointe.com.
- Contact Information
- Robert Martinez
- Director of Research
- MarketPointe Realty Advisors
- Contact via E-mail
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