Apartment Rental Increases in San Diego

 

Some San Diego apartment landlords are increasing rents above the legally allowed limit.

More Retail Drugstore Closures Anticipated

 

As Amazon and other vendors sell and ship prescription medications to your door, retail pharmacy storefronts are increasingly in trouble.  Big box retailers such as Costco and Walmart also have in-house pharmacies that compete directly with neighborhood drugstores.  Traditional neighborhood drug stores have experienced increased losses due to theft in the front-of-store general merchandise retail area.  These changes are causing many locations to shutter. 

Pharmacy closures happening all over the United States.

Triple A Insurance Company Uses Drone Inspection Information to Cancel Property Owners Insurance

 

Insurance companies are using drones to check on your property without your consent.  What will they think of next?

Section 8 Apartments

 

Section 8 Apartment Voucher System - Not Working in 2024.  USA Today has an article about apartment tenants needing help finding Section 8 rental units in the current market.   

Commercial Buildings Designed to Preserve and Manage Water

 

The BBC has an interesting article about commercial property designed to preserve and manage water, which we could learn from here in California. 

Water Solutions Used in Asia

Bankrate reports on the new real estate commission changes taking effect this month.

 

New real estate commission rules to take effect in San Diego in March of 2024.

Blackstone Apartments in San Diego

 

CBS News reports on Blackstone apartment rents in San Diego.   

San Diego's Multi-Family Ranking

Rent Cafe has reported the new Multi-Family market rankings based on the most recent Yardi Matrix data from July 2024.  According to the report, which tracks Apartment properties with 50 units or more, the units had an average lease renewal rate of 53.10% and an overall occupancy rate of 94.8%. The apartment units turned over were vacant for an average of 43 days and had an average of 10 applicants. You can see the full report here: San Diego Apartment Ranking

San Diego Water Price Increase Is Up for Discussion - Rate Hike Expected in 2025

 The Voice of San Diego reports on potential increases to the local water costs.  The San Diego County Water Authority is considering increasing water prices by 18 percent in January 2025.   

PBS Report on Real Estate and Climate Change - Ten Percent of US Homes Impacted

 

PBS reports on climate change and how this is impacting real estate markets.   

Apartment Construction in San Diego

 

The Construction Industry Research Board Reports the Final Numbers for Apartment and Housing Construction in San Diego.  According to the report, San Diego County built more housing in 2023 than in the previous 17 years. The 2023 total for multi-family was 9,100 units. The additional inventory has done little to curb apartment rental rates. The San Diego apartment market has very limited vacancy and historically high rental rates.

San Diego Real Estate - Home Ownership Trends

 Channel 10 News reports on the cost of San Diego real estate increasingly placing home ownership out of reach.

San Diego Moves Into Top Slot As The Most Expensive City In the United States

 

According to US News and World Report -

San Diego Tops Rankings - Moves to Number One

Real Estate Insurance Costs Are Becoming Primary Drivers In Some Markets

 

Insurance has started driving multiple real estate markets across the U.S.  I see posts about people losing their insurance regularly here in San Diego. The loss of insurance and higher HOA fees in Florida are impacting condominium appraised values.  State governments are concerned and trying to assist. Unfortunately, there is no easy solution to this problem.  

NPR Reports on New Zoning Laws to Encourage More Apartments and Housing

 

NPR reports on New Zoning Laws where cities are adopting new laws that allow for higher-density apartment projects with reduced parking requirements and allow for multiple units on standard residential lots.  As a result of changes in local zoning laws and the sharp increase in residential values and apartment rents, the highest and best use of many properties has shifted. 

Commercial Real Estate Update from Sixty Minutes

Sixty Minutes has an informative report on commercial real estate and the post-pandemic office markets in major cities.

Boomers Not Selling

   

This article explains why boomers are not downsizing and selling their homes.

Apartment Renters

 

CNN has a report on apartment renters who are getting tapped out. 

Restaurants and Retailers Deciding to Close Locations with High Crime

 

This is a very sad sign of the times - In-N-Out Restaurant to Close Up in Oakland. National retailers typically invest close to 2 million dollars for a state-of-the-art fast-food restaurant.  Obtaining the permits for a restaurant site with multiple curb cuts and drive-through lanes can be a very time-consuming task because it impacts the traffic flow in the area.  For a national retailer to walk away from a modern, profitable location due to crime and employee safety indicates a very serious problem.  We are also seeing this in San Diego with Target opting out of a downtown San Diego location. 

San Diego Insurance Premiums Increasing in 2024

 

Channel 8 News reports higher insurance premiums being rolled out in 2024 for many homeowners in San Diego County. 

Insurance Rates in 2024 Increasing in San Diego