San Diego Renters Need A Salary Boost To Pay Rising Rents
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Rents at Pinnacle on the Park in upper East Village, one of downtown San Diego's newer projects, are based on the floor and view, but average about $3.40 per square foot for a one-bedroom apartment midway up.
Renters in San Diego require a $648 salary boost to overcome rent increases over the last year, according to a new Zillow report. San Diegans require the seventh-highest average raise out of 35 of the biggest regions nationally just to break even on rent, the San Diego Union-Tribune reports. Seattle renters require the biggest salary increase to overcome rising rents, $1,248 annually, and Los Angeles is not far behind, requiring $1,152 more in income.
San Diego rents have increased 2% every six months since 2000, with the average rent rising 8% over the last year to $1,748. Rents in Downtown San Diego, where one-bedroom apartments rent for on average $2,149, are the highest in the region. East County is the cheapest, with a one-bedroom going for $1,418. Countywide, the rent for a one-bedroom averages $1,549, two bedrooms are $1,823 and three bedrooms go for $2,255.
Renters in the nation’s highest-rent cities, including San Jose, San Francisco, New York and Chicago, would not require any raises to break even on rent due to a slowdown in rent growth. But Zillow predicts the San Diego metro area will see a 2.2% rent increase by February 2018, while nationwide, rents are expected to increase just 1%.
Wages continue to struggle to keep up with rents and other costs of living, including taxes, food, healthcare and energy.