Realtor Market (San Diego, August: real estate market, apartments, leasing)

[ThatMassachusettsDude]

I have another post going right now about the COL in the city but I figured that this question should be in a different thread. How is the Realtor market in San Diego? I know that the selling of homes is pretty much in the tank right now but how is apartment leasing in the area? The rental market is quite hot here in Boston so one can make about 60-90k a year leasing apartments. As a realtor I understand that it's all about what one puts in it and such but I was just wondering if there are any realtors in the forum that can chime in?
If I do move to San Diego it wouldn't be until August 2012 as my boyfriend would be beginning a paid internship in Clinical Neuropsychology. We would already have 1 source of income but I would like to still have two. Any ideas would be much appreciated!!

[sdjimbob]

I'm not a realtor, but it's very uncommon to use a realtor for rentals here, much unlike NYC or Boston.

[ThatMassachusettsDude]

Who markets and sells apartments in the area?

[sdjimbob]

Owners themselves, or property management companies

[shmoov_groovzsd]

RE Agents out here really dont get too involved with rentals. The ones that I have seen rent, have given up.

As sdjimbob said, they just either do it themselves or use a management co.

[kettlepot]

San Diego has always been a market with plenty of turnover in apartments. Unlike say New York City, people aren't frozen in place by rent control laws. I know in some parts of the country like NYC and SF, people don't give notice on their apartments until they've lined up the next one. I've never felt compelled to do that here. There has always been plenty of inventory. Therefore, prospective renters don't use anyone to secure apartments for them. They find them on their own.

[Sassberto]

No rental agents here. Almost completely unheard of.

[earlyretirement]

The realtors I've talked to in the San Diego area mostly want to get out of it. Many already have. The real estate market is MUCH slower now and in the future renting probably will get more popular. Realistically, with the changes with the US government eventually phasing out of supporting the market and totally privatizing the market, most likely you will eventually see 30 year FIXED mortgages vanishing from the market in a few years. Interest rates are going to go up and the mortgages will be more variable rate mortgages. Once the 30 year fixed mortgage vanishes, being a realtor will be a tougher job.

That's the reality of the situation. It's sad that almost 30% of people in the USA with mortgages have NEGATIVE equity in their homes. Home values sink another 10% (which is a good possibility) and that rate drops to about 40% with negative equity.

Not good trends for realtors.

[Mugsy]

I would suggest to post this question in the Realtor forum as well.