John, Home Buyer in San Diego, CA

what is the average rent for a 3 BR $300,000 range house? and what is the vacancy rate?

Asked by John, San Diego, CA Thu Mar 27, 2008

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Lee Lovitt, Agent, San Diego, CA
Wed Jun 11, 2008
Hi John..

Where is your home located?

Lee Symbolic Realty Owner/Broker
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Celeste Gene…, , Sandpoint, ID
Wed Jun 11, 2008
Hello John, We have a very low vacancy rate in Bonner County in general, as most rsidentials ar currently rented. A 300K, 3 BR home, depending on age, sq. ftg., may rent from 850/mo up to 1400/mo, or so. Our area has not experienced a market decline as we are in North Idaho, still a strong market on average. I used to live in S.D., Pacific Beach, when I went to college there, in 1970-1978. How is it there now? I was there for my daughter's Cheerleading competition in 2004. It was grat fun! A 3BR nice, in town sells now for $195000-350000 roughly. Need info, call anytime (208) 290-3069 Celeste Generaux
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Neil Fjelles…, Other Pro, San Diego, CA
Thu Apr 3, 2008
This are specific rental questions that need some detailed dialogue with someone very familiar with University Heights in San Diego. Call Chris DeMarco who is such an expert. Call 619-286-7600 and ask for Chris. Tell him I told you to call.
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Celeste Gene…, , Sandpoint, ID
Fri Mar 28, 2008
In North Idaho, near British Columbia, where we are at, Sandpoint, a 300K home, #br, 2 Ba would rent for about 1400/month. from Celelste in Sandpoint. By the way, My friends are from Oak Park, Chicago. the Johnson's know them?
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Tom Swell, , San Diego, CA
Fri Mar 28, 2008
Sandy gave a great answer, John.

I would suggest that you research the going rate locally. The value of the house is not necessarily a factor where the tenant is concerned. They simply want a good deal in a livable house. More important might be the nearness of shopping, schools, or transportation.

best wishes
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Sandy Shores, Agent, Melbourne, FL
Fri Mar 28, 2008
Hi John,

The rule of thumb used to be that you should be able to get 1% of the purchase price in monthly rent in order to have some positive cash flow. Thus, a $300,000 should bring around $3,000 a month rent. But, in today's market it's hard anymore to get that kind of money, thus the rules on single family residential properties has somewhat fallen by the wayside.

In Florida, and I understand in many parts of California, we have a glut of homes available for rent, due to owners that have turned into landlords, because they can't sell their overpriced properties. With so much on the market, rents have been coming down recently. Owners are taking what they can get in rent. Many, many are even renting homes out at a deficit just to have some money coming in. Unfortunately, we are hearing stories of landlords that are collecting rent, only to pocket it, and not pass it along to their mortgage companies! Thus, tenants are being forced to move due to foreclosure, without much recourse.

Since real estate is local in nature, your question would be best answered by someone local to the area of the home that you are referring to. It depends on how many homes are available for rent in that area, the amenities of the home, the motivation of the owner. How desirable is the area? What is the market rental time for the area, now? What is the market currently like in that area? And where is it projected to be headed?

Typically, here in our area of Brevard County Florida, in my experience, tenants that can rent a house for $3000 a month, don't stay long. They don't have to. They usually can easily afford to buy a home of their own, and not pay someone else rent.

The vacancy rate question, would also best be answered by someone local to your area. Remember, typically, the higher the rent, the longer the vacancy rate. Less tenants are able to qualify to rent the property in question.

Best of everything to you,

Sandy Shores, Realtor
M & M Real Estate
Residential & Investment
Brevard County
Florida's Space Coast
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