Rents in the Chula Vista/Bonita area and other portions of southern San Diego County increased an average of 12.15% in the past year, according to a recently completed survey.
One hundred of 110 apartment owners representing projects with between nine and 352 rental units were interviewed by Coldwell Banker Commercial Real Estate Services in San Diego, for a total of 8,414 units.
The study found an 8.1% rent increase in an eight-month period, which projected to 12.15% on an annual basis. (The survey was to have been completed in January but the volume of brokerage business delayed it.) The last previous survey, in July, 1984, found a 5.6% increase for six months, or 11.2% for a year.
Coldwell Banker staff members noted that South Bay rent increases averaged about 12% a year and added, "Many landlords historically anticipate a 5% annual climb in rents, so 12% represents an exceptional return on their investments."