Rising rents bad for economy?

EconoMeter panel considers the impact

Q: Are rising rents in San Diego County bad for our economy?

Bob’s Answer: No.

Rents as a percentage of income are lower in San Diego than in other areas of California and rising rents are being outpaced by higher wage growth by a wide margin. The economy will only become impacted if rental rate increases outpace the level of wage increases. Given the recently passed statewide minimum wage increase of over 8 percent annually over the next 6 years, that will not happen!

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