Rents are down slightly from this point last year, according to Rent.com, but that doesn't mean they're affordable.
Average rent for a studio apartment in San Diego is more than $2,300. For a two bedroom the average raises to $3,700.
The San Diego County Board of Supervisors is trying to tackle the issue with a new initiative looking at the impact private equity is having on housing costs.
The board approved a series of actions at a meeting July 16. The county wants to know exactly how many condos, townhouses and single-family homes are owned by commercial entities and in what part of the county they're in.
It also looks at whether there's a legal remedy — litigation — to pursue against corporate landlords in response to allegations of price-fixing, price-gouging and tenant harassment.
Private equity firm Blackstone is the target of much of this critique. The firm acquired about 5,600 local rental units in 2021 and, according to tenant union the Alliance of Californians for Community Empowerment, has raised rents significantly since.