Jvignoles, Real Estate Pro in San Diego, CA

I have a house that has been rented for a year and a half, about to sign an extension for another year how do I calculate a possible increase in rent

Asked by Jvignoles, San Diego, CA Fri Jul 23, 2010

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Alvaro Viris…, Agent, San Diego, CA
Fri Jul 23, 2010
I manage several rental properties here in San Diego and agree with the last answer. The market is flat in most cases and the rent should probably remain the same. However there are some markets where the rent would be increasing. The two sources that you could check directly would be craigslist.com and signonsandiego.com. They will give you a much better feel for your specific market. If you would like to contact me I would be more than happy to help you review the situation.

Alvaro Virissimo
Broker Associate
Realty Executives
1 vote
Patrick Hale, , San Diego, CA
Tue Sep 7, 2010
I would check to see what similar units are leasing for. Do to the current market situation, rents have decreased so you may not be able to increase rents for a few years unless you have a high demand condo.

If you need help, let me know.

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Hope this helps!

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0 votes
John Souerbry, Agent, Fairfield, CA
Fri Jul 23, 2010
There are two issues relating to rent increases: legal and market. Legalling, you should be able to raise the rent by up to 10% on an annual lease, unless the tenant is 65 years or older, then it's 5%. Regarding the market, professional managers usually do a market rent analysis to see if rents should be raised, lowered, or stay the same. Everyone has a different process, but a simple approach is to define your market geographically, pick out rental properties that are comparable to yours in that market and create a side-by-side comparison on a spreadsheet. San Diego contains 30+ housing "markets", so you should be careful not to compare a house in Rancho Penasquitos with a house in Bird Rock. Also, compare your house to other houses of the same size and ammenities (eg swimming pool, 2 car garage, etc.), don't compare it to an apartment. I hope this helps.
0 votes
Steve Innis, , Clairemont Mesa West, San Diego, CA
Fri Jul 23, 2010
There is a great article today from Mike Freeman of the Union Tribune that shows according to two sources the rental market rates in San Diego are flat. That means there are too many vacancies in San Diego to allow for any upward pressure. The article is a good read, so I linked it for you.

Of course nobody who has any resources to speak of should be renting today, they should be buying, but that is another story!

Make it a great day!

Steve Innis, Broker
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