Once known as the Haight-Ashbury of San Diego, Ocean Beach is a beautiful beachfront neighborhood with a rich history. The little town is perfectly nestled on the Pacific Ocean and a perfect place to vacation. But the area isn’t just for travelers – plenty of people are full-time residents as well.
In a new trend that Ocean Beach hasn’t caught up to yet, surrounding areas are increasing their rent prices. Property values in San Diego are increasing very quickly, making it a smart business decision for property owners to increase the rent. Imperial Beach is one example; home values rose in Imperial Beach over 20 percent last year, having an immediate effect on the rental prices. This is compared to the less than 1 percent increase of rental prices in Ocean Beach last year.
Currently, there’s no maximum on how much rent can be increased, as long as the owners give proper legal notice.
Like Imperial Beach, Ocean Beach property values are on the rise. The neighborhood has a small-town appeal compared to the city, along with a very busy main street that stays active all day (and night) long. Ocean Beach also hosts a weekly Farmer’s Market that’s ranked in the top 5 in the state.
Rents in Ocean Beach need to increase. It will allow for more properties, boost the economy of the area, and even improve the conditions of the current rentals. If current property owners do not increase rent, property values could go down. With a high rental demand and small inventory, rent prices should go up.