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If you're renting your home in San Diego, prices are about to get more expensive, according to a forecast from the University of Southern California.
Researchers predict the average rental rates are going to skyrocket across the Southern California, Patch learned. The annual Casden Real Estate Economics Forecast says average rent in San Diego County will jump by $348 by the end of the third quarter of 2023.
The highest average increase was recorded in the Orange County. Analysts claim that rent will shoot up by $410.
"COVID-19 caused a large-scale move from central cities to the suburbs that resulted in a sharp rise in apartment vacancies," said Richard Green, director of the Lusk Center for Real Estate. "The question now becomes whether this historic move from the cities to the outskirts will remain permanent or return to pre-pandemic levels."
Here's the outlook and forecast for each county:
San Diego County
- 2021 Levels: $2,144 average rent; 2.5 percent vacancy rate
- 2023 Forecast: $2,492 average rent; 3.4 percent vacancy rate
Orange County
- 2021 Levels: $2,439 average rent; 2.1 percent vacancy rate
- 2023 Forecast: $2,849 average rent; 3.7 percent vacancy rate
Inland Empire
- 2021 Levels: $1,827 average rent; 1.9 percent vacancy rate
- 2023 Forecast: $2,068 average rent; 1.9 percent vacancy rate
Los Angeles County
- 2021 Levels: $2,073 average rent; 3.9 percent vacancy rate
- 2023 Forecast: $2,325 average rent; 3.9 percent vacancy rate
Ventura County
- 2021 Levels: $2,365 average rent; 2.7 percent vacancy rate
- 2023 Forecast: $2,681 average rent; 4 percent vacancy rate