Some context: I live in Southern California and moved from Orange County to San Diego County since the cost of living is cheaper (I’ve been wfh). I’ve come to terms with the fact that I’ve never own a home here, but it’s incredibly discouraging to see that even really shitty 1BR/1BA apartments in SD are going for, on the low end, $1600/month.
I can’t seem to find any predictions from a renter’s standpoint–only that, “this is the time to buy!” and “this housing market is unlike 2008!”
Like the title says, if most folks are buying homes due to the low interest rates–which I’m assuming that they’re buying to live in themselves and to not rent, then why are apartment complexes also raising their rental prices, at what is seeming faster than normal? Why has the renter’s market also increased so drastically/suddenly?
I can’t imagine this is just a local problem but happening in most of the major cities in the US?