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La Jolla, CA Rental Market Overview
Boost in New Inventory Nudges Vacancy Rates Up in San Diego Area
While West Coast communities like La Jolla in Northern San Diego typically enjoy some of the lowest vacancies in the nation, the region's vacancy rate in most areas should be higher because of more than 3,800 new apartments built in 2013. Keep in mind that key forecasters like the Marcus & Millichap 2013 National Apartment Report (NAR) suggest that the bump up might be to the 3.1% range, which is still substantially lower than most vacancy rates throughout the United States. The new construction was close to four times as much as 2012.
How Will They Fill All Those New Apartments?
The 2013 NAR suggests that San Diego developers may opt for aggressive pricing to fill their new apartments, but rental operators in attractive locations probably won't notice any difference in vacancies. In fact, Marcus & Millichap predicts that conditions will remain sufficiently tight in the region for operators to aggressively (their words) lift rents for another year. If the aggressive pricing strategies are implemented, small landlords with older Class B or Class C properties could find themselves losing tenants. Do you renovate, offer to renegotiate or expand your marketing strategies for better property exposure? These days many independent landlords consult with local property management companies before they implement new strategies. La Jolla property managers work directly with tenants and property owners, so they see their market from several perspectives. This level of communication and hands-on interactions can't be replicated in the boardrooms of some big institutional investment firm. Discover all your options as a property owner. Review the profiles of our La Jolla property management companies and then request your free information today.