Tom York on business: tenants overtake landlords in 3 San Diego suburbs
Residential rental site RentCafé published the results of a study of 50 suburban areas that went from mostly owner-occupied to predominantly tenants.
According to the study, which pulled data from the US Census Bureau, many American suburbs have been reshaped over the past decade, especially in terms of the balance between renters and owners.
For example, the number of tenants increased by 22% nationwide, causing 103 suburbs in the country’s largest metros to switch to tenant populations..
Not surprisingly, given that the price of housing has stretched beyond the means of a growing part of the population.
Some of the other results of the study:
- Tenants upset the balance with landlords in three San Diego suburbs over the decade: La Mesa, Vista, and Coronado.
- Of the three, La Mesa now has the highest share of renters – 58% – an increase from 50% in 2010. La Mesa is followed by Vista with 54% and Coronado with 51% majority of renters.
- The study indicated that based on the projected models, Escondido will go from most landlords to most tenants. Currently, the city’s population is equally divided between the two.
- Other San Diego suburbs have also seen impressive growth in renter percentage, although they remain in the homeowner realm for now.
Currently, there are 21 million renters in the 50 largest suburban areas of the United States – 3.7 million more than 10 years ago, according to the study.
From 2010 to 2019, the number of renters in the suburbs increased by 22%, which overshadows the 3% increase in owner growth over the same period.
The report also noted that there are now 23 large suburban areas in California dominated by tenants, most of them in Los Angeles County.
According to RentCafe, this trend will have far-reaching effects on state policy, as already evidenced by the various rent control moratoria put in place during the COVID-19 pandemic.
The study, “Fences for Rent: Over 100 Suburbs Have Become Majority Renters Over the Last Decade,” is available for reading on the website.
* * *
The US economy gained 235,000 jobs in August, with the national unemployment rate now standing at 5.2%, well below the peak of nearly 15% at the height of the pandemic.
For a deeper dive, personal finance website WalletHub released its report on the cities with the fastest rebounding unemployment rates, which followed a previous report on the states whose unemployment claims are recovering the fastest,
Sadly, San Diego did not do well in this study. The city was at the bottom of the list – ranked no. 132 of the 180 cities on the list.
Overall, the region benefited from an 88% improvement in the unemployment rate compared to the previous year.
The most recovered city was Lincoln, Nebraska, with an unemployment rate of 1.7%. Lincoln saw a 56% drop in unemployment year over year.
* * *
Politically connected local business leader Sam nejabat was appointed to San Diego Small Business Advisory Council by the mayor Todd gloria and the San Diego Parks Advisory Committee by the county supervisor Terra Lawsom-Remer.
The appointments come as Nejabat continues its outreach philanthropy and humanitarian efforts in the context of the pandemic, according to a press release. Last year, for example, the statement said Nejabat had donated 15,000 masks to the needy in San Diego.
He ran for a seat on city council in March 2020 but lost in the primary.
In addition to his two new appointments, Nejabat served as director of the San Diego County Fair on the governor’s appointment. Gavin Newsom.
He is CEO of SJN Properties, which specializes in buying, rehabilitating and managing apartments across the United States.
* * *
Low cost Canadian air carrier WestJet resumed service between Calgary, Alberta, and San Diego International Airport on November 1.
Year-round nonstop flights operate twice a week, and the carrier will increase service to three times a week on November 1.
The resumption comes after WestJet suspended service in March 2020 due to the pandemic.
* * *
Social service provider Chula Vista MAAC partnered with the San Diego nonprofit BQuest Foundation provide up to $ 2 million in low-interest loans to people in underserved communities who purchase electric vehicles.
According to a press release, the intention of the program is to encourage the use of electric vehicles with the aim of increasing the use of renewable energies and reducing polluting emissions.
San Diego residents could receive up to $ 11,000 in aid, according to a press release. And the agency was quick to note that bad credit won’t be a barrier to participation, the statement said.
A typical auto interest rate for consumers with a low credit score could be as high as 12%, but MAAC said its loan program would provide loans from 4% to 6%.
The two agencies will offer up to 75 loans in San Diego County and 75 in the Central Valley. Loan requests will be processed on a first come, first served basis.
Applications will be accepted until December 1. For more information, visit maacproject.org/ev-access.
* * *
Dunkin ‘ – which apparently no longer uses Donut on its official nameplate – has unveiled its sixth San Diego restaurant in Eastlake. The chain, famous for its donuts, now has more than 12,600 restaurants in 40 countries around the world, according to the company’s website.
* * *
Luna Grill has appointed Tony reaman as the new CFO of the company. Most recently, Reaman was senior vice president of strategic planning at Local Bakery Café.
* * *
Finally, this element to note. Japanese ramen specialist Tajima Ramen celebrates 20 years in business this month. It opened its first site in Convoy and now has seven sites in the county and Tijuana. The local chain also serves other Japanese dishes on its menu, but it is best known for these noodles.
Tom York is a Carlsbad-based freelance journalist who specializes in writing about business and economics. If you have any tips you would like to share, send them to [email protected]