Already High San Diego Rent Prices Increasing At Fastest Rate In U.S.

A new report revealed that San Diego's rental market is far from slowing down.

Realtor.com's report shows that rental prices have surged in the area with the median price of rent at $2,790 a month in December 2021. This is a rise of 29.3% compared to the previous year.

That makes San Diego's metropolitan area the sixth-highest average rental increase in the U.S. and the highest average rental increase in California ahead of the Riverside-San Bernadino-Ontario market.

“People want to live here,” San Diego-based real estate agent Chad Voisen told FOX5. “People have always wanted to live in Southern California and they’re always going to want to live in Southern California.”

These are the top 10 markets for rental increase:

1. Miami-Fort Lauderdale-West Palm Beach, Fla. (Rent up 49.8% year over year)
2. Tampa-St. Petersburg-Clearwater, Fla. (35%)
3. Orlando-Kissimmee-Sanford, Fla. (34.1%)
4. Las Vegas-Henderson-Paradise, Nev. (29.8%)
5. Memphis, Tenn. (29.4%)
6. San Diego-Carlsbad (29.3%)
7. Jacksonville, Fla. (29%)
8. Austin-Round Rock, Texas (28.7%)
9. Riverside-San Bernadino-Ontario, Calif. (27.2%)
10. Phoenix-Mesa-Scottsdale, Ariz. (26.7%)

To read the full report, click here.