Rentals in San Diego 2023

Happy New Year!

We have made it to 2023, and San Diego remains one of the best cities in the United States. We have all kinds of amenities and fantastic weather, making it a great pleasure to be a citizen. Landlords in San Diego should look at what the predictions are for the real estate market and how trends are going to impact their investments. There are some curious developments.

On December 12, 2022, the San Diego Union Tribune printed an article about real estate in San Diego and the results of the housing market prediction report by Redfin.com. Of course, we are all accustomed to hearing about hot marketing activity in San Diego County, but Redfin has a surprise. Based on the analysis of data compiled from February to November 2022, Redfin has predicted that the San Diego market, which had significant gains during the pandemic, is going to slow down a little. In other words, we may be looking at cooler weather in our real estate market.

Interesting Predictions

Redfin is one of many real estate sites predicting a slight slowdown. Zillow is forecasting home price declines of 0.1%. A recent USC Casden Economics Forecast predicted that rent in San Diego will increase by $250 a month by 2024, and there will be a higher vacancy rate in rentals than there is now (as of November 2022, the vacancy rate was 2.9%.).

Much of this reflects fluctuations in inflation and rising interest rates. However, something else that is happening involves the Generation Z demographic. Redfin predicts that this population is becoming less likely to buy a house and more disposed to rent for an indefinite period. That is good news for a landlord in San Diego. It means that there will be people willing to rent for several years. However, the competition for these tenants may increase as property owners in San Diego try to appeal to renters.

A Good Marketing Strategy Is Important

Folks will be looking for rental houses, but that does not mean they will settle for anything. A landlord in San Diego must be able to compete and offer a property that meets the needs of some very discriminating shoppers. Additionally, the word must get out. No one can rely on traditional word-of-mouth or just postings in print media. The marketing campaign for rental houses in 2023 must have all jets firing.

Aggressive marketing is yet another chore for overworked landlords. These professional investors must market their property and manage the day-to-day routine. Lease administration can be tough with even the best tenants, and there are only 24 hours in a day. So, what is a landlord to do? Here is an idea.

Go with the Pros 

The best course of action is to take advantage of the services offered by property management companies in San Diego. These establishments manage all facets of renting and can make life much easier for an already busy property owner. No one should settle for second-best, however. A good property manager is essential. Alta Vista Properties is a property management company in San Diego that is at the head of the class.

Great Service!

It ain’t bragging if it’s true. We have a reputation for providing fantastic service for all our clients. Whether the portfolio is small or extensive, Alta Vista Properties can oversee the challenge and produce a steady cash flow for a client. In addition, we perform marketing, tenant relations, lease administration, repair scheduling, and other duties that permit clients to make better use of scarce hours.

Please do inquire at any time about our property management services. You can reach us at 858-274-3600 or by email at info@altavistaProperties.net. We look forward to hearing from you and answering your questions about what we do as a property management company in San Diego.