By Zack SmithAssistant City Editor
Keeping a roof over your head in San Diego is getting moreexpensive — especially in the College Area, where students oftenprefer to live.
In 1999, average monthly rent in San Diego County was $857. Theaverage monthly rent in 2000 hovered around $943 a month — anincrease of more than 10 percent. This according to Market Profilesof San Diego, a real estate database consulting firm that tracks SanDiego rental increases.
The company says its only going to get pricier.
“We’ve been looking at a 9 to 10 percent annual increase over thelast three years,” said MPSD President Russ Valone.
The consulting firm assesses real estate and rental costs everysix months. Their last survey of rents was conducted in September,using 865 apartment complexes with 25 or more units. The average ratefor a one-bedroom was $826, $1,000 for a two-bedroom and $1,225 for athree-bedroom.
Valone said the biggest reason for higher rent is supply anddemand.
“We have a hugely under-supplied market,” he said. “And the lackof construction for new complexes is putting a strain on (apartment)availability.”
There is currently only a 1 percent vacancy rate in the county.
Building costs have also increased, creating another factor for lowvacancy.
University-owned housing at San Diego State University has alsogotten more expensive. The cost of living in a residence hall hasincreased 4 percent in the last year, said Mike Hoctor, coordinatorof Housing and Residential Life. He said rent increases are nothingnew to dormitories, as cost increases have fluctuated between 2 and 8percent a year for the past 28 years.
Hoctor said SDSU has not determined future residence hall rentincreases, but, inevitably, there will be an increase. A newresidence hall, Cuilcicalli, is set to open Fall 2001 and Hoctor saidthere will be a slight rent increase to subsidize construction costs.
Privately owned Albert’s College Apartments, located at 5430-548555th Street, raised its prices in June. Dia James, manager ofAlbert’s and a sociology and social work senior at SDSU, said rentfor the complex has been consistent with other complexes in theCollege Area. Studios in the complex start at $650 a month andbetween $725 and $810 for a one bedroom unit.
James said rates are consistent with other places in San Diego andthe apartments provide students with an added benefit — proximity toSDSU.
“This is a good area for students to live in,” she said.”Residents can take advantage (of) walking to their classes.”
Rent at Albert’s may by raised next year, but James said theamount hasn’t been determined.
Rent at the campus-owned Piedra del Sol apartments on Hardy Avenueranges from $550 a month for a studio to $1,782 for a four-bedroom.
Monthly rent rates in San Diego County, according to MarketProfiles of San Diego:
Year: Rate: Increase:
1995 $661
1999 $857 29.65 percent
2000 $943 10.04 percent
