San Diego’s housing market is red hot but it’s not just affecting those venturing in to real estate but renters as well. According to a new report from Realtor.com, rental prices in the greater San Diego metropolitan area have climbed 29.3 percent over the past year bringing the median rent price to $2,970. This makes San Diego one of the most expensive cities for renters in the U.S.
San Diego landed in the sixth spot in Realtor.com’s report for market’s with the greatest rental increases. Topping the list was Miami where rents have climbed 49.8 percent on a year-over-year basis. The only other California region to make the top 10 was Riverside-San-Bernardino-Ontario which ranked number 9 with a price hike of 27.2 percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
