San Diego is popular, but the housing market can't keep up.
It may come as no surprise to some San Diegans that the city may be the Finest, but when it comes to renters, it is the worst.
At least that is what the latest numbers are showing in Forbes’ 2017 ranking of the 46 lowest rated metropolitan cities in the country in which to rent.
San Diego is the worst just above Miami.
The San Diego Union Tribune reports that the information is culled by factoring the city’s, “monthly apartment rent ($1,748), vacancy rate (3.1 percent), annual rent increase (4.8 percent) and the portion of income spent on rent (30 percent)."
But that’s not all, California is rife with bad rental cities including, Los Angeles, Orange County and Sacramento to name a few.
“This is happening in California and is a major part of the division between the haves and the have-nots,” wrote Lloyd Rochambeau, of San Marcos, in a recent letter to the editor of The Tribune. “Of course, rent control could solve the problem and very well may be the only solution short of a revolution.”
Manhattan had a higher average monthly rental rate which takes a huge bite of 54-percent out of household income: $3,497 to be exact.
But the survey showed that San Diego ranked worse in all four categories of those studied.
Despite the low scores, John Chang, of Marcus and Millichap which helped Forbes calculate the data, said San Diego is a highly sought-after city in which to live, but the housing market is sparse, and that drives up prices in other areas.
“As a result, rents are rising faster than in other markets,” Chang said.