I got the opportunity to talk with The San Diego Union Tribune about the rising costs of apartments in Downtown San Diego. With many new developments comes competition to gain tenants, but the high rents are not drawing in as many renters. Apartment complexes have started to offer concessions to draw in new tenants. I believe the high pricing is a step into drawing in new tenants. It is easier to bring down prices than to raise them. It’s a starting point for these new developments and will help them to find the right asking price.
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