What Are Landlords and Tenants Supposed to Do About Rent?

In the last 30 days, coronavirus has been responsible for changing the economy and rental market across the United States because most people who were renting before coronavirus, and working steadily, are now laid off and may be unable to pay their rents.

This is a problem that every city in the United States is facing right now, especially in cities like Las Vegas that rely heavily on the tourism industry.

Even though landlords and tenants may face difficult times ahead, some solutions can be utilized to help them make it through the coming months.

We’re All in This Together

During a recent interview, HUD Chairman Dr. Ben Carson said that both landlords and tenants are going to have to work together to make it through the coming months as coronavirus has affected everyone in some way.

What does this mean? Tenants should contact their landlords immediately if they are unable to pay their rent and work out a payment plan so that they can pay the landlord some money now, while deferring the remaining balance on their rent over 12 months.

Every Situation Will Be Different

Every tenant’s situation is going to be unique following coronavirus, there may be some tenants who will be able to go back to work next month while others may not be able to work for another 6 months.

Landlords should be willing to work with their tenants to come up with the best solution for them that will help them to make it through the coming months.

What Should Owners Do with No Revenue Coming In?

Owners should contact their lenders immediately if they are unable to pay their April mortgage to see if they qualify for a forbearance, or they should pursue one of the other ways to build cash reserves that we mentioned in our previous blog post.

Many people are projecting that Coronavirus could last until June so every owner must take action now and be willing to work with their tenants while they focus on building cash reserves so they can survive the coming months.

Rental Market Projections for The Next 60-90 Days

At GoldenWest Management we project that 20% to 30% of tenants will not be able to pay all or a portion of their rent while there may be tenants who are unable to pay rent and will want to turn in their keys to their landlords.

April and May are going to be tough months for owners and tenants for sure, we hope that coronavirus will be gone by June and the economy will be back on track but that may not be the case if the virus lasts into the summer months.

We encourage both owners and tenants to stay on top of what’s happening by following our blog and other trustworthy news sources like local city news or information from organizations like the Department of Housing and Urban Development.

For questions about what’s happening in the rental market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or connect with us online.

What’s Happening with The San Diego Rental Market?

By GoldenWest Management

Are you interested in investing in the San Diego Rental Market? If so, you’ve come to the right place!

In this article, we will offer you up to date information regarding what’s happening in the SD Rental Market including accurate data and what we can expect for the rest of the year.

Average Rent

As of March 2018, the average rent for the San Diego rental market is $2,028, this is an increase of 3% compared to the same time last year when the average rent was just $1,963. (Source – Rentcafe.com)

San Diego, California

Rent Breakdown

Anyone who is searching for a rental property in the San Diego area can expect to pay the following rents:

  • Studio Apartment (455 Sq. Ft) – Average: $1,479 per month
  • One-bedroom apartment (671 Sq. Ft) – Average: $1,793 per month
  • Two-bedroom apartment (966 Sq. Ft) – Average: $2,190 per month
  • Three-bedroom apartment (1,294 Sq. Ft) – Average: $2,773 per month

Rent Increases Have Slowed – Slightly

There’s no doubt that rents in the San Diego area have been increasing steadily over the years but since the start of 2018, they have slowed, slightly.

This slowing could be due to more rentals coming to the market like the opening of the new “The Rey” apartment complex in San Diego. This complex has brought close to 500 new rentals to the market.

Located at 801 A Street in San Diego, The Rey apartments with high end designs, luxurious floor plans and lots of amenities. Learn more about this apartment complex by visiting their website at https://www.berkshirecommunities.com.

Slowing rent increases could also relate to the winter months. Either way, industry analysts don’t expect the rent growth slowdown to last for long as San Diego continues to rank among the top cities in the United States for rent growth.

San Diego, California

Most Expensive to Least Expensive Rents

As in years past, the most expensive place to rent in the area are Downtown San Diego (Average – $2,49 per month), North County (Average – $2,126 per month) while the least expensive place to rent in the San Diego area continues to be East County (Average – $1,418 per month).

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Get Property Management Here

For property management in the San Diego area contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904

San Diego Rental Market – December 2016 Update

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By Goldenwest Management

SAN DIEGO, CA – Thanks to a recent report from Appfolio, and data from the University of Southern California Real Estate School, we know that rents are projected to increase faster in the San Diego Rental Market over the next 2 years than any other community in Southern California.

GoldenWest is an Appfolio customer and utilizes their systems for property management records keeping and accounting. It is an extremely user and client friendly cloud based platform that is a force multiplier when working with residential income properties.

Why are rents going to continue increasing? Two of the primary reasons are a lack of construction, and a strong jobs market that continues to attract people from other parts of California, and all over the United States.

About The San Diego Rental Market

There’s no denying that San Diego Rental Market has had some of the highest rents in the United States over the last two years and one of the biggest reasons has a lot to do with sluggish home construction.

What most people don’t know is that back in 2015 San Diego only issued just 6,273 permits and that’s about one-third the total number of permits that were issued in the Los Angeles County area in the same period of time.

Most industry analysts predict that the City of San Diego won’t issue more permits for the construction of single-family homes for the coming year either because, the San Diego areas has a large portion of land that’s been conserved for endangered species, flood control, or open spaces, so we could technically have seen the last of the SD housing boom unless there are major changes to land management here in the coming years.

What to Expect In 2017

As of October 2016, the average rent for a 2 bedroom apartment is $2,146 per month, while a one-bedroom apartment rents for $1,788 per month.

If you’re an investor who has been thinking about investing in the San Diego Rental Market, 2017 is poised to be another strong year since San Diego also enjoys an occupancy rate over 95 percent.

To learn more about the San Diego Rental Market, or to speak with us about our property management services, contact Goldenwest Management today by calling us at (858) 792-3442 or click here to connect with us online.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904