NewsMaking It In San Diego

Actions

U.S rent holds steady for first time since 2012

San Diego's rents reflect nationwide stagnation
Posted: 4:00 AM, Sep 20, 2018
Updated: 2018-09-20 11:00:00Z

SAN DIEGO (KGTV) - San Diego's average rent rose a fraction of a percent in the past year, reflecting stagnant nationwide prices, Zillow reported Thursday in a release detailing August housing numbers.

In San Diego, rents increased by .3 percent to $2,541 between August 2017 and August 2018.

The average cost to rent in the U.S. stayed the same over the past year, while the average worth of a home rose more than 6 percent.

San Diego's median home price was $580,500, up 4.9 percent from last year.

RELATED: Mortgage, rent burden continues to rise in San Diego

This is the first time since 2012 that the average national rent has stayed the same over the course of the year, according to real estate website Zillow.

San Diego's highest rent increases of 6.8 percent peaked in July 2015.

In Riverside, rental costs rose nearly 4 percent. Sacramento saw a 3 percent increase. There was little change in rent in Los Angeles and rents dropped in San Francisco and San Jose.

Zillow attributes the small growth to increased apartment construction and more young people opting to buy their homes.

RELATED: Housing costs beginning to cool in America's Finest City

San Diego home values rose nearly 5 percent over the past year to about $580,500 That's a similar number to most other large cities in California, except for San Jose, where the value of a home rose nearly 23 percent.