While the pandemic has had an impact on San Diego’s rental market, the decrease in rental value has not been as severe as it has in other California markets. There’s also still a strong demand for good rental housing throughout San Diego.
It might take longer for you to rent your property in San Diego than it did two years ago. However, you shouldn’t be concerned about a long vacancy. If your home is properly priced, well-located, and in good condition, you’ll be able to find a good tenant to rent it in a matter of weeks.
RentSimpli is a full-service San Diego property management company specializing in single family homes, townhouses, condos, mobile homes, small commercial buildings and small apartments. Today, we’re sharing what we know about how long it will take to rent your San Diego property.
San Diego Rental Market Conditions
In the San Diego rental market, we have spent many years enjoying low vacancy rates and rising rents. Things are beginning to shift after a decline in both demand and pricing during the earlier part of the pandemic.
In general, your property should rent within a month of being listed. However, you should always protect yourself by budgeting for vacancy. It takes time to advertise and market a property, and the showing process is a little different now than it once was. However, you shouldn’t worry about an extended vacancy period in the current market. There may be fewer tenants looking for rental homes right now, but those who are looking will be well-qualified and serious.
The market is always changing. At some point, you may find it’s flooded with rental properties just like yours, and competition for tenants is strong. During these periods, owners may have to wait longer to rent out a property. Just as quickly, it can switch to a situation where there are more tenants than there are rental homes. Under those market conditions, you’ll rent your property quickly and for more money.
Rental Property Condition Impacts Time on Market
Well-maintained homes will always rent faster than the properties that are older, worn, and in need of repairs and updates. If you want to rent your home quickly, make sure it’s attractive to high quality tenants. The best renters will look for a home that’s clean and functional and an exterior that’s free of debris, weeds, and dirt.
Create curb appeal because those marketing photos and first impressions matter. When your home looks appealing, you’ll have an easier time attracting the attention of potential renters. Make any repairs and replacements that may be necessary before you begin marketing the home.
San Diego Rental Property Pricing
A correct and competitive rental price will also ensure your property rents as quickly as possible.
To earn the cash flow and the ROI you want, it’s important to set your rental value as high as possible. But, overpricing the house or apartment will only lead to longer vacancy times. That’s going to be more expensive than a competitive rental amount that’s a few dollars lower than you were hoping to earn.
It’s not worth losing an entire month’s rent on a longer vacancy just because you want to earn $2,500 a month instead of $2,200. In the long term, you’ll lose money. Take a close look at what similar properties in your neighborhood are renting for, and make sure you’re in the right range.
If you want to rent your home faster, work with a San Diego property management company. You can contact us at RentSimpli, and we’d be happy to help.
RentSimpli is a full-service property management company serving landlords, investors and property owners in San Diego & Riverside Counties, including La Mesa, El Cajon, Chula Vista, Santee, Rancho Bernardo, Escondido, Fallbrook, Temecula, and Murrieta.