San Diego Residents are Suffering From High Rents

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Real Estate Marketing Insider comments on the reports that renters in San Diego are disproportionately burdened with high rents.

REMI's Tobias Nergarden issued some observations about the high amount of “burdened” renters in San Diego today, and his opinion is that this may harm home sellers and owners of any San Diego beach rental as these higher rents may dissuade people from buying homes, and make it more difficult to implement any real estate marketing ideas.

U-T San Diego reports that 59 percent of San Diego residents are suffering from high rents, meaning that they are paying more than 30 percent of their income for rent. The term for this is “burdened.” This definition comes from the standards developed by the Department of Housing and Urban Development. Nationwide, the percentage of burdened renters is 53 percent, meaning that San Diego County is seeing more of these renters than is average. According to a recent census report, rents are on the rise, which means that this number of burdened renters will increase, especially in San Diego. Many of these renters lost their homes due to foreclosure or short sales and are hesitant to buy again, although many of them do not have high enough credit scores to make that possible.

The Department of Housing and Urban Development (HUD) is part of the Executive Branch of the U.S. Government. The Secretary of HUD is a member of the Presidential cabinet. This part of the cabinet is younger than many other departments and become prominent in the 1960’s as a part of the Johnson Administration. The main goal of HUD is to increase housing affordability. This also extends to reducing rents and creating inclusive communities free from discrimination.

San Diego County is a wealthy and powerful part of a wealthy and powerful state. The economic and political center of San Diego County is San Diego itself, a major American city. San Diego County is the second most populated county in California after Los Angeles County. San Diego County tends to me more politically conservative than many other places in California, which sets it apart somewhat from the rest of the state.

The U.S. Census is taken every ten years in order to gauge population growth and changes throughout the nation. This also means that these changes and trends are analyzed and examined in between census takings and various reports are published. There are also different census reports taken at different times in different places. For example, some states will conduct a census every five years. Cities and municipalities will conduct them on different schedules.

Real Estate Marketing Insider today commented on the news that many San Diego residents are suffering from a high rent burden.

About Real Estate Marketing Insider:

Real Estate Marketing Insider is a publication based in La Jolla, CA, designed to provide real estate professionals with useful data such as news, analysis, hot tips, and strategies.

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