August 3, 2016
San Diego rents are soaring, and ‘America’s Finest City’ is facing a housing crunch. Rents for multifamily properties in San Diego are among the highest in California, as measured by a percentage of household income.
Renters in San Diego and Orange County must allocate roughly 35% of income, while renters in San Francisco pay 29% and Mountain View renters pay 27%, according to a just-release report by London Group Realty Advisors. The most expensive markets are Santa Barbara County (48% of median income goes to rent) and Santa Cruz County (41% median income for rent).
Higher housing costs restrict recruiting efforts for companies in California, which must contend with Austin, Denver or Boston for top talent. A housing shortage is expected to hurt San Diego since building is not keeping up with job growth.
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Tags: Apartments & Multifamily