DOWNTOWN – San Diego has the fourth highest percentage of renting households, at 48 percent, according to Redfin, a national real estate group.

The renter rate also increased three times faster than the homeowner rate nationally in July.

For John Tonkinson, it appeals to both groups of people.

On Thursday, he went to the dog park with his four-legged friend. He said it was a benefit of living in Bankers Hill.

“It’s November 7th and I’m in shorts going to the dog park with my dog,” John said. “I think there is a quality of life here.”

He rents an apartment in Bankers Hill but also owns a property in North County.

“I wanted to keep my condo in North County just because it was a good investment,” John said. “Property levels continued to rise, property values ​​continued to rise, and so I wanted to maintain that if I could.”

Real estate experts, like Professor Jeremy Gabe of the University of San Diego, said the growing rate of renters makes sense.

He said there is 60% less inventory on the market compared to pre-COVID levels in San Diego.

Gabe said John’s approach was smart.

“Maybe he’s getting a lower interest rate on the house he’s renting,” Gabe said. “He also benefits from lower property taxes than a homeowner who purchased the home he is renting would pay. So he is able to accept lower rent to maintain his margins and a lower return.”

But homeownership is becoming increasingly difficult for many, according to leaders like San Diego Tenants United manager Rafael Bautista.

“People face simple barriers, such as the high-income guidelines for tenants to apply and move into the units and the additional costs that arise every year,” Bautista said.

John agrees.

“This is due to the high price of homeownership in San Diego, which is very high, and for young people this can be a major barrier,” John said.

Gabe said that when buying a home, you need to consider several additional costs, including interest for borrowing money, paying property taxes, purchasing insurance and responsibility for the maintenance of the house.