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

The renter rate also rose three times faster than the national homeowner rate in July.

For John Tonkinson, he relates to both groups of people.

On Thursday, he went to the dog park with his furry companion. He said it’s a perk of living in Bankers Hill.

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

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

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

Real estate experts like University of San Diego professor Jeremy Gabe said the rising rate of renters makes sense.

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

Gabe said John’s approach is smart.

“Maybe he’s taking advantage of a lower interest rate on the house he’s renting,” Gabe said. “They also benefit from lower property taxes than a homeowner would pay if they bought the house they rent. So he is able to accept a lower rent to preserve his margins and get a lower return.”

But home ownership is becoming increasingly difficult for many, according to leaders like Rafael Bautista, director of San Diego Tenants United.

“People just face barriers like the high income rules for tenants to apply and move into the units and the extra costs that come every year,” Bautista said.

John agrees.

“It’s driven by the high price of home ownership in San Diego, which is very high, and for younger people, that can be a big hurdle,” John said.

Gabe said that when buying a home, there are several additional costs to consider, including interest to borrow money, paying property taxes, buying insurance and being responsible for maintaining the home.