Ohio as the second winner of highest Appreciation Metro in 2023 YTD

[Carlos Ptriawan]

There're only four metro that experienced double digit appreciation YTD.

2. Cleveland, OH
3. Columbus, OH
4. Milwaukee, WI

and number one is San Diego,CA.

Highly surprising that San Diego is the highest appreciation metro in 2023 (!)

[Dan H.]

Quote from @Carlos Ptriawan:

There're only four metro that experienced double digit appreciation YTD.

2. Cleveland, OH
3. Columbus, OH
4. Milwaukee, WI

and number one is San Diego,CA.

Highly surprising that San Diego is the highest appreciation metro in 2023 (!)

Interested to your source and their percentage increase.  I forgot my source but it was showing 11% YOY appreciation for San Diego.  

According to Rentometer San Diego rent growth YOY is 8% and that is down a little from the previous quarter.  This implies the average 3 BR rent increase is over $330/month.  One of our tenants received a $800/month increase last year (and this still had tenant far below market rent).   They did not comment on the large increase as they know their rent is still far below market rent.

https://www.rentometer.com/california-home-rents

Supply is very constrained and demand is high in San Diego.   This has trumped affordability for decades. 

San Diego is ranked by US News and World report as least affordable city in US.  To compound this highly expensive cost of living, our average household income (moderate household income) is much lower than most of the other expensive cities 

https://realestate.usnews.com/places/rankings/best-places-to...

Many people sacrifice to live in San Diego. If they get tired of making those sacrifices, they move elsewhere and someone else moves here who is willing to make the sacrifice (at least until they tire of it).