If you are looking to rent an apartment in San Diego County it’s likely you know two things – they are tough to find and they are expensive.
In a recent report from the San Diego County Apartment Owners Association, the vacancy rate for the region was at 2.3 percent. That number was down from 4.1 percent a year ago at this time.
The average cost for all rentals is $1,321 a month according to the survey. The average rent for a three-bedroom or larger apartment is $1,848.
With costs like this, it may be time to buy according to NBC 7’s business reporter George Chamberlin.
“With the tax benefits and low interest rates it might be much more affordable than renting an apartment,” Chamberlin said.
In the South Bay, the vacancy rate drop is even greater with a current 2.4 percent, down from 5.6 percent last year.
Renters in the East County are looking at a 2.3 percent vacancy rate, down from 3.7 and those in the North County are also seeing a drop in available units with the vacancy rate at 2.5 percent, down from 4.4 percent.