San Diego Ranks 2nd Worst City For Renters: Forbes | NBC 7 San Diego

San Diego Ranks 2nd Worst City For Renters: Forbes

    processing...

    NEWSLETTERS

    Chuck Lapinsky
    San Diego skyline at night, captured by Chuck Lapinsky from the Ferry Landing on Coronado.

    There's a large price to pay for the year-round sunshine, tepid weather and beautiful beaches: San Diego is the second worst city in the nation for renters.

    Forbes’s partners Marcus & Millichap, a real estate research firm, recently released its annual list of best and worst cities to rent and America's Finest City is second to just Miami.

    The results were calculated from data collected on last year’s monthly rental prices, yearly rent changes, rental vacancies, plus the percentage of shared income that goes into paying for rent, according to Forbes.

    San Diego renters pay roughly $1,748 a month in rent, but about 30 percent of a household’s income goes straight to the landlord. The average apartment vacancy rate is a low 3.1 percent, and the year-to-year rent fluctuation is higher than most at 4.8 percent.

    Forbes researchers say the influx of people to San Diego is no match for the low housing supply. With sunny San Diego an ideal weather location, the county already has a population of 3.3 million, and that number is expected to increase by a million within the next 30 years, according to the California Department of Finance.

    The list also included Los Angeles, Orange County, Riverside-San Bernardino, Oakland, and Sacramento in the top 10 worst cities. San Francisco was within the top 15. Click here for the article with the ranking list.