Renters - Are You Getting a Deal?

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    NEWSLETTERS

    Getty Images/David McNew
    According to RealFacts, the average price of rent is down 1.8 percent compared to a year ago.

    There are bright balloons and banners from Mission Valley to Little Italy.  All put up in hopes of attracting potential renters, like Greg Hahn.

    "It's definitely a renters market to be looking. There are lots of specials out there," Hahn said.

    The research firm, Real Facts reports a decline in the San Diego County rental market, in both occupancies and rental prices.  They're seeing the trend in large complexes of 100 units or more.

    "The rental market like everything goes with the ups and downs of the economy" Bob Pinnegar, Executive Director of the San Diego County Apartment Association said.

    Renters Market

    [DGO] Renters Market
    Declines in rental rates and occupancy drive up demand for renters in San Diego.

    According to RealFacts, the average price of rent is down 1.8 percent compared to a year ago.  The average occupancy is down .11 percent and experts believe it will continue to drop.

    "The expectation is that for the first 6 months of this year we are going to lose additional jobs and so I see that as being less demand for rental housing, "said Pinnegar.  “With consumer confidence being as low as it is, people are getting roommates, they want to save money so they bring in a roommate."

    While the decline in rental rates and occupancy may seem slight, the local rental market had seen an increase in the past several years.

    According to RealFacts between 2000 and 2008, the average rent in the county for large complexes went up 41%