Uncertainty in the U.S. housing market has contributed to a stronger rental sector, probably "a focal point" in 2012, said the new leader of a San Diego apartment group.
Alan Pentico, executive director of the San Diego County Apartment Association, talked to the Union-Tribune earlier this week about trends he thinks will play out next year.
1) More first-time landlords are entering the market. Given falling home prices, consumers are snapping up properties as investments, Pentico said. About 27.5 percent of all San Diego County home sales in November were cash transactions, the latest DataQuick numbers say. The presence of cash usually means an investor is involved, but it's unclear how many of those cash buyers plan to rent out their properties. Pentico said the association plans to ramp up education for first-time landlords. The organization did the same during the condo-conversion craze that ended around 2005-2006.
2): Social media will play more of a role in renter-landlord relations. The apartment association will ramp up its presence on social networks such as Twitter and will make-over its website to make it easier to search. The group's website, sdcaa.com, is open to both renters and landlords. The plan is to increase engagement between both groups.
3) As the San Diego economy continues to "creep along," more landlords are expected to carry out maintenance work they may have shelved for the past couple of years when the economy was tanking.
courtesy of: http://www.signonsandiego.com, Lily Leung
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