New apartment construction adds to San Diego County's rental market

Published: Aug 28, 2024 Duration: 00:02:17 Category: News & Politics

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We're seeing new construction, new apartments coming online this year throughout the county, like right here at the enclave heritage in Chula Vista, where more housing options are definitely needed. New apartment construction nationwide is roaring along at an unprecedented rate with developers on track to complete more than 518,000 rental units by the end of the year. That's the highest on record 9% increase from last year. According to Rent Cafe, an apartment search website, we really see it as one where supply is really crucial to correcting the root cause problem and that's a housing shortage. Doug wrestlers with Yardie Matrix who partnered with Rent Cafe on the study. He says this boom in construction really started three years ago when interest rates and costs were still fairly low. But as inflation, higher interest rates and other dominate the current landscape. We may see a drop off in a few years. Insurance continues to you know, be a very large expense item. So the problem is how do you accommodate for those kind of expenses and build something that's affordable. Their analysis reveals that San Diego County is set to welcome more than 3200 new rental units by the end of the year. With more than 2000 of those in the city of San Diego. 369 in Oceanside and more than 400 in Chula Vista. We are in a housing crisis uh whether it's renting or buying a new home. Uh There's not enough supply. Chula Vista. Mayor John mccann says they've made efforts to streamline the process at City Hall to make it easier to get building permits instead of having to bring your plans down to the city. We've tried to put everything online uh making sure that it's more efficient for our staff and more efficient for the people building homes. I stopped by the enclave Heritage near Olympic Parkway. They've brought several 100 new apartments online this year. They gave me a tour of a two bedroom which typically ranges from 33 to 3900 a month. Rent. Cafe is objections on completed apartments show a slowdown over the next five years in big cities like Chula Vista and San Diego compared to the last five. But they expect Escondido will buck this trend with a 66% increase in new construction. For more of the details. County wide head to CBS eight.com and click on this story. I'm Brian White for CBS Eight

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