New homes in downtown San Diego. Photo by Chris Stone
Have you ever wondered why rental costs in the region have become so high? Well, the apartment rental website Rent Cafe provides some insight in answering this question.
According to a recent study by the website, “rising home prices and a preference for flexibility have led to a wave of high earners” nationwide competing in the rental market over the past half decade.
According to the latest analysis, more than 2.6 million Americans with incomes of $150,000 and above are choosing to rent homes over buying.
Here in California, that group has exploded by 136% in the last five years.
But what is the fallout for San Diego? Renters making $150,000 or more annually now make up 12.4% of San Diego renters. That’s a significant number.
According to the study, the number of well-heeled renters in San Diego has doubled to 33,500 since 2018.
And it’s pretty obvious that this demand for luxury living is one of the reasons so many luxury homes are coming onto the market.
During the same period, home prices rose 36% — less than state sister cities like San Jose, which saw increases of over 50% — but still well above the national average of 29%.
Some other results: San Diego ranked #7 on a list of the top 20 high-income renter places.
San Francisco ranked #1 with more than 80,000 residential units occupied by well-paid tenants. Last on the list was San Antonio, Texas, with less than 3% of units occupied by people making $150,000 or more.
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Hungry for something new while eating out? Here are a few dining tidbits.
A new franchise from The great Greek Mediterranean grilll has opened in the Kearney Mesa neighborhood – the chain’s first franchise location in California.
According to a press release, the new grill owner is there Manic Sharma“an avid traveler with over two decades of management experience and a background in the food and retail industry.”
Meanwhile a new restaurant the sushi stand, opens at Point Loma’s Liberty Public Market. According to a publicist, it will be the only sushi restaurant in the market.
The restaurant was created by the owners of the SoCal chain The perfect ParisPlus guillaume And Ludivine Ryon.
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Fortune 500 News: Fortune Magazine has named a local energy supplier always as one of its “World’s Most Admired Companies for 2023”.
According to a press release from Sempra, the company has now made the prestigious list 13 times.
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Local non-profit organization Wounded warrior homes has reopened his home in Vista for wounded warriors. The home is home to four veterans with post-traumatic stress and traumatic brain injuries.
According to a publicist for the group, veterans can stay in the home for up to two years, depending on their needs, while also receiving support such as counseling and rehabilitation services.
The reopening of the home brings the total number of Veterans housed in Wounded Warrior Homes to 14 at a time.
The house needed repairs and modernization, including from local sponsors tuft, ServPro from North Vista and San Marcos, Collins Pacific Plumbing And Come on HotMop.
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Political Action Group San Diego County Gun Ownerswho champions 2nd Amendment rights Gail Rower a former associate of two Sacramento legislatures for 12 years as the new executive director.
Michael Blackthe founder of SDCGO, announced this.
“We live under the most anti-gun government in our country’s history,” Ramer said. “Activism is more important now than ever.”
Ramer was on the staff of the former congressman and current state senator brian jonesand later MP Randy Voepel.
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Based in San Diego Mulligan Funding, which claims to be one of the nation’s largest providers of access to working capital for small and medium-sized businesses, has completed a $100 million asset-backed securitization.
According to a publicist, this new financing continues the company’s story of impressive growth, even in difficult market conditions.
As the first securitization by Mulligan Funding, the Senior Bonds received an A rating of Kroll Bond rating agencythe highest rating they give to a first-time issuer in this asset class, she said.
The facility has a revolving term of 3 years and is expandable to US$500 million.
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The Chamber of Commerce Karlovy Vary celebrates its 100th anniversary in 2023 and has planned a number of activities throughout the year to celebrate the achievement, according to a press release.
Since the chamber was founded 30 years before Carlsbad and the county government was 35 miles away in San Diego, the organization became the voice of the community and remains a powerful influence on business today.
President and CEO Bret Schanzenbach said the chamber will host a community block party on Aug. 18. “To thank the community, along with a red carpet gala on October 13 to raise money for our foundation.”
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Planet Based Foods Global said it will use its dairy-free cheese alternative for its Southwest Style Taquitos and Original with Cheese Taquitos.
The Canada-based public company said the inclusion of these products “reflects their efforts to create more sustainable and ethical food systems without compromising on the most important factor, taste.”
According to a press release, the company’s subsidiary, Planet Based Foods, was formed in San Diego in 2018 to develop a system that would provide “hemp-formulated superfood products today that support the planet tomorrow.”
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Detection of fentanyl in urine drug test samples remains near historic highs, and concomitant detection of fentanyl in people who use heroin, prescription opioids, methamphetamine or cocaine has reached new heights, according to a report from the San Diego Testing Laboratory Millennium Health this week.
According to the company, between 2019 and 2022, drug tests positive for fentanyl increased 146% nationwide and in nearly all U.S. census departments, particularly in the Pacific and Mountain regions, where positive fentanyl tests increased 875%.
More than 83% of the fentanyl-positive specimens also contained additional drugs; about 30% were positive for another drug, over 43% were positive for 2-3 other drugs, and nearly 10% were positive for 4 or more other drugs.
Tom York is a Carlsbad-based independent journalist specializing in writing about business and economics. If you have any news tips you’d like to share, send them to tom.york@gmail.com.
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