opinions on the current rental market... (Poway: rentals, insurance, condo)

[rozzzebud]

My family is relocating to SD December 1st due to job transfer. We were in RB, Poway, PQ and Scripps Ranch looking for a house to rent ($2200 - $2600 range) the week before the fires started. We found some good options but most of the rentals were "available now" and the owners / property managers were eager to fill them right away. So, we thought that we would come back in a few weeks when we were closer to our move date. However, now I am concerned that with all the displaced families that we might have a hard time finding a reasonable rental at all now.

What are your thoughts on on this? What happens with displaced families ie do they stay in hotels? Stay with friends/family? Look for furnished rentals? Look for unfurnished rentals? Do they sign year leases on unfurnished homes while they rebuild their homes? Do rental prices sky rocket supply/demand? Do they try to rent in the same community or does that matter? Should we look in different areas (ie closer to downtown) where there might be more availability?

On a side note, I want to say that my heart truly goes out to all those affected by the fires. I have been in tears watching the stories on the news... However, I must say that I feel comfort in moving to SD after seeing how the community responded to those in need. What a caring community!

Thanks!

[NYSD1995]

too early to tell. Give it a couple of months to see how things play out.

[kettlepot]

In my opinion rental rates will rise in the areas immediately surrounding the burned out zones. Really, given the Law of Supply and Demand they'll have to. In particular, families with children will try to stay close to their children's existing schools. Unfortunately for you, the burned out zones seem to mainly be the areas you were looking in. Areas further afield probably won't see too much rental pressure, as there is probably a lot of inventory out there of homes bought by flippers that need to be rented out. Also, there will probably be a lot of condo conversions that will be going begging. To take advantage of those situations your idea of living closer to downtown is a good one.

[Moondogger]

The rental market was already competitive enough when the whole mortgage bust came down. It was no surprise that the rental prices went up considerably from just 6 months ago and it got even more competitive to find a nice place. Now with this, honestly I don't know how you could find one. You definitely can't be to choosy right now and you'll probably have to end up paying whatever it is they're asking.

[wanttoteach]

We are also looking for a rental. Yesterday when we called some places, they said they were having A LOT of people looking at them. It scares me because I am far away from work and I was really looking forward to renting closer.

[socketz]

I know several people that lost homes in the fire and all of them plan on renting in the same area where they lost their homes: kids go to school there, their friends are there, it's home to them.

So in Eastern RB and parts of Poway where the fire devastated large areas, I'd expect that rental prices per square foot to increase dramatically based on simple supply and demand. AND the fact that insurance is paying for most of these rentals.....insurance companies are pretty generous when it comes to renting an equiv home. For instance, I know of a few places in RB that are renting for $3500 that would have rented for about $2700 before the fires; insurance is paying, so no harm no foul for the people looking for a home while they rebuild. Also, if sellers were smart, they too would rent their homes there and ride this downturn back up, then sell. Selling now is just a bad idea. These areas are nice, and will always be nice, but at this point in time, they are getting hammered. There are nice little homes in RB/Poway for sub 500k these days.

This is a temporary anamoly and within a year's time, it will be back to normal and the rental prices will come back down and costs per square foot will rise.