San Diego Renters Need A Salary Boost To Pay Rising Rents
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.