SAN DIEGO (CBS 8) - San Diego may be a beautiful place to live, but it has become more and more expensive for renters. San Diego rent has increased three-percent in the past year.
An increase in demand has rent skyrocketing. More and more people are moving into San Diego and are are willing to pay top dollar to live in America's finest city.
Jamie Pullman, a broker with Downtown Condo Guys, sees brand new properties come online before many in the public do. He said he's not stunned that rent continues to climb in San Diego.
A study by Apartment List shows San Diego placed fourth for both most expensive rents and highest rent growth in California for the month of June. Rent grew three-percent in San Diego, but it's not the only pace in the state of California to see rent increases.
Long Beach has also seen rent go up. However, in places like Santa Ana, rent has gone down.
In San Diego it costs a median price of $1,510 for a one-bedroom and $2,020 for a two-bedroom. In San Francisco, renters are paying nearly $5,000 a month for a two-bedroom.
In Pacific Beach, on average a studio apartment will go for about $1,600.
The highest vacancy rates are in East County and South County.
Despite the rent hike, there are new inventory and places coming online everyday - which forces some rental properties to become more competitive and bringing down rates.
According to the San Diego County Apartment Association, the vacancy rate in residential units across the county is only four-and-half percent.